Fantom Introduces Support Entities for Sonic Chain Development

Fantom FTM

On Wednesday, Fantom Foundation, known for the layer-1 blockchain Fantom, introduced Sonic Foundation and Sonic Labs. These new entities are key to supporting Fantom’s upcoming L1 blockchain, Sonic, aiming to bolster development and innovation within the blockchain ecosystem.

Fantom has announced the establishment of two new entities aimed at supporting the development of its Sonic chain. This initiative is bolstered by a recent $10 million funding round, led by Hashed. The Sonic chain, initially revealed in March, is slated for launch in late summer or early fall of 2024. These developments underscore Fantom’s strategic efforts to advance its blockchain infrastructure and expand its technological capabilities.

Fantom Unveils Sonic Foundation and Labs to Boost Blockchain Ecosystem

On Wednesday, Fantom Foundation introduced Sonic Foundation and Sonic Labs to spearhead its new L1 blockchain, Sonic. The Sonic Foundation will oversee network governance and treasury management, while Sonic Labs focuses on driving dApp growth, partnerships, and user adoption.

In addition to launching these entities, Fantom Foundation announced the successful closure of a $10 million funding round led by Hashed, a prominent Korean crypto fund. Other investors included UOB Ventures, Signum Capital, Aave Foundation, and several angel investors.

CEO Michael Kong emphasized that the capital raised will be dedicated to strategic growth and ecosystem development initiatives.

Fantom initially revealed plans for the Sonic blockchain in March, after two years of development work. Sonic aims to process transactions swiftly and includes a layer-2 bridge feature for interoperability with other blockchains like Ethereum (ETH). The launch of Sonic is anticipated in late summer or early fall this year.

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Key Figures and Features of Fantom’s Sonic Blockchain

Professor Bernhard Scholz, Fantom’s Chief Research Officer, spearheaded the design of the Sonic blockchain technology. Working alongside him was Andre Cronje, a co-founder of Fantom and a prominent figure in decentralized finance (DeFi), who led the development team responsible for Sonic’s creation.

Sonic promises to leverage extensive liquidity, user base, and protocols, enabling the chain to combine the scalability and speed advantages of Layer-2 (L2) solutions with the security features provided by an L2 bridge. This bridge facilitates access to native ETH and other assets on the Ethereum blockchain.

The blockchain will introduce a native token, identified by the ticker symbol S. A recent governance vote approved the compatibility of token S, allowing for a 1:1 migration with Fantom’s native token, FTM.

FTM Price Performance. Source: CoinGecko

Despite these advancements, the introduction of Sonic has not significantly impacted the price of FTM. As of Monday, FTM has experienced a decline in value from $0.95 to $0.81.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.


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