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Fantom’s Sonic Blockchain Secures $10 Million Tokens
The Fantom Foundation has stated that there will be two new organizations managing the development of the new Sonic blockchain including Sonic Foundation and Sonic Labs. The new foundation will oversee the network’s governance, partnerships and treasury under the leadership of CEO Michael Kong, while Sonic Labs will be tasked with stretching and boring the ecosystem’s DApps.
🚀 Sonic is on the launch pad and we are excited to provide more details on our next Sonic chain, $S token and the launch of a new strategic financing round.@MichaelFKong‘s latest blog post sheds light on Sonic’s new organization, roster of innovative new partners, and… pic.twitter.com/R4NHIwcUEX
— Fantom Foundation (@FantomFDN) May 23, 2024
The Sonic blockchain, a Layer-1 solution with integrated Layer 2, will connect the Fantom network directly to Ethereum, to enable users to seamlessly access the vast Ethereum ecosystem. The blockchain’s sub-second finality improves speed and security compared to Fantom’s Opera network.
With plans for a native Layer 2 bridge to Ethereum, Sonic aims to attract users and developers from Ethereum and other Layer 2 networks. The launch to introduce a new token, $S, which will be interoperable on a 1:1 basis with Fantom’s existing $FTM token, following a recent governance vote.
Sonic secured $10 million from the foundation in its strategic funding round, with backing from Hashed, UOB Ventures, Signum Capital, Aave Foundation and other popular angels.