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Fantom Foundation Unveils Ambitious Sonic Blockchain Plan
The Fantom Foundation recently revealed a strategic development plan that includes the creation of the Sonic Foundation and Sonic Labs, in preparation for the upcoming launch of its Sonic blockchain. This announcement was detailed Thursday, underscoring the foundation’s enduring commitment to technology leadership and marking a significant step forward in the cryptocurrency landscape. The innovative Sonic Chain is created as the transition from the ongoing Opera Chain update nears completion. The new Sonic (S) chain promises to deliver advanced, high-yield blockchain technology, generating renewed excitement in the cryptocurrency market.
Governance and development structure
In conjunction with the launch of Sonic Network, the Sonic Foundation was formed to handle governance and treasury management. Sonic Labs will play a crucial role in driving the proliferation of decentralized applications (dApps), fostering partnerships and improving user engagement. This structure aims to support the growth and integration of new technologies within the Sonic ecosystem.
The architecture and development of the Sonic Chain is primarily directed by Professor Bernhard Scholz, a respected virtual machine developer, with Andre Cronje, a recognized authority in decentralized finance (DeFi), leading the project. This new Layer-1 platform will also feature a Layer-2 bridge natively connected to the Ethereum (ETH) network, designed to leverage Ethereum’s liquidity, protocols, and large user base for Sonic.
Integration of Layer-1 and Layer-2 functionality
Sonic was designed to fulfill Layer-1 roles while twinning with Ethereum through its Layer-2 bridge. This integration aims to combine the benefits of a Layer-1 platform, such as convenience, scalability, and speed, with the robust security provided by a Layer-2 bridge. This unique combination will allow Sonic to access native ETH and other resources on Ethereum, providing a smooth and efficient user experience.
Strategic financing and partnerships
A pivotal moment in Fantom’s recent history was the successful completion of a $10 million strategic funding round, significantly backed by the prestigious Korean cryptocurrency fund Hashed. This funding round ensured the necessary compatibility and migration between Fantom’s native FTM token and Sonic’s S token on a one-to-one basis. Other key contributors include UOB Ventures, Signum Capital and the Aave Foundation (AVE). Prominent angel investors such as Stani Kulechov, Robert Leshner, Michael Egorov, Fernando Martinelli, Tarun Chitra and Sam Kazemian, along with individual UOB partners, also participated in this crucial financing round.
The investment from this funding round will be dedicated to supporting strategic growth and ecosystem development initiatives within the Fantom network. The foundation is committed to its vision of enhancing the potential of the Sonic Chain to transform various DeFi and real-world use cases. Sonic’s speed and high productivity could revolutionize industries such as real-world assets, perpetual decentralized exchanges (DEX), payments, trading and high-transaction gaming.
Paving the Way for Blockchain Innovation
Fantom’s strategic plan for Sonic includes not only technological advancements but also strong structural and governance frameworks to ensure sustained growth and innovation. The creation of the Sonic Foundation and Sonic Labs represents a forward-thinking approach to managing and expanding the Sonic network. By focusing on governance, treasury management and the proliferation of dApps, the Fantom Foundation is laying a solid foundation for the future.
Sonic’s integration with Ethereum via the Layer-2 bridge is designed to leverage the strengths of both platforms, providing a versatile and powerful blockchain solution. This strategy is expected to attract a larger user base and facilitate greater liquidity and efficiency in the network.
The $10 million funding round marks a significant milestone for Fantom, providing the financial support needed to drive the development and integration of the Sonic chain. With the support of leading investors and strategic partners, the foundation is well positioned to achieve its ambitious goals.
As the Fantom Foundation continues to advance its technological and strategic initiatives, the Sonic blockchain is poised to make a significant impact on the cryptocurrency market. By leveraging cutting-edge technologies and fostering strong partnerships, Fantom is on track to drive transformative change in blockchain adoption and innovation.