Exciting Developments in the Fantom Ecosystem Unveiled
Discover the latest updates on the launch of Sonic Foundation and Sonic Labs to support the new L1 blockchain, Sonic, by the Fantom Foundation.
The Creation of Sonic Foundation and Sonic Labs
- A new structure announced to oversee network governance and treasury management
- Sonic Labs to focus on dApp growth, partnerships, and user expansion
The Fantom Foundation recently disclosed the establishment of the Sonic Foundation, which will take charge of network governance and treasury functions. Additionally, Sonic Labs will drive growth in dApps, partnerships, and user engagement.
Fantom Secures A $10 Million Fund for Sonic Chain
- Successful completion of a $10 million funding round
- Lead investment from Korean crypto fund Hashed
In a significant milestone, Fantom Foundation closed a $10 million funding round, with Hashed leading the investment. Other participants included UOB Ventures, Signum Capital, Aave Foundation, and various angel investors.
Sonic Blockchain: A Game-Changer in the Making
- Designed to handle high transaction volumes swiftly
- Features layer-2 bridge connectivity with other blockchains like Ethereum
Sonic, a cutting-edge blockchain technology, aims to process a large number of transactions efficiently. It operates as a primary L1 blockchain with a layer-2 bridge feature to connect with platforms such as Ethereum. The brainchild of Professor Bernhard Scholz, this technology was developed under the leadership of Andre Cronje, a renowned figure in DeFi and co-founder of Fantom.
The Strengths of Sonic Blockchain
- Access to considerable liquidity, users, and protocols
- Merge of L2 cost-efficiency and scalability with L2 bridge security
Sonic’s distinguishing features include tapping into vast liquidity, user base, and protocols, offering a blend of low cost, scalability, and speed with the security of an L2 bridge for Ethereum and other assets access.
Sonic Token Ecosystem
- Introduction of native token ‘S’ for Sonic blockchain
- Governance vote approval for S token migration, compatible with FTM
Sonic will introduce its native token ‘S’, which has been approved for migration compatibility with Fantom’s native token FTM at a 1:1 ratio, enhancing the token ecosystem.
Price Impact and Future Outlook
- Price performance of FTM affected despite positive developments
- FTM price decline from $0.95 to $0.81 after recent announcements
Despite the positive developments in the Fantom ecosystem, the price of FTM has experienced a slight decline, dropping from $0.95 to $0.81 post-announcement.
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