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Fantom Foundation invests $120 million in Sonic blockchain
The Fantom Foundation has allocated 200 million Fantom tokens, worth approximately $120 million, to support the development and expansion of Sonic, a new blockchain network.
Announced Thursday, the investment is designed to attract developers and their projects to Sonic, which promises greater speed and efficiency.
The funds, obtained without increasing the token supply, will focus on strategic partnerships and grants, particularly for applications within the Fantom ecosystem ready to integrate Sonic’s advanced technology.
This investment is set to transform the decentralized application (DApp) landscape by connecting to the Ethereum network, driving innovation and expanding access to DeFi.
The Fantom Foundation’s strategy aims to consolidate its presence in the DeFi market, offering incentives to transition to Sonic and providing a layer 1 solution with an Ethereum-compatible layer 2 solution.
This architecture is expected to grant users a broader DApp selection, more liquidity options, and a larger community, all while maintaining compatibility with the Ethereum Virtual Machine (EVM).