Fantom Foundation, the organization responsible for the development of the layer-1 (L1) blockchain Fantom, introduced the debut of Sonic Foundation and Sonic Labs on Wednesday.
$10 Million Fund Secured for Sonic Chain by Fantom
The Fantom Foundation clarified that the network’s governance and finance management will be handled by the Sonic Foundation. Sonic Labs will promote user, partnership, and dApp growth in the meantime.
The Fantom Foundation not only declared the establishment of the Sonic Foundation but also disclosed that it had successfully closed a $10 million investment round headed by the Korean cryptocurrency fund Hashed. Signum Capital, Aave Foundation, UOB Ventures, and a number of angel investors were among the other investors.
Michael Kong, CEO of the Fantom Foundation, stated that “funds raised during the recent round will be used to further support strategic growth and ecosystem development.”
Fantom announced its plans to introduce the Sonic blockchain earlier in March, following two years of technological development by the Fantom team. The launch of the Sonic chain is expected to take place in late summer or early fall this year.
Sonic is a blockchain technology specifically engineered to process a high volume of transactions rapidly. It functions as a primary L1 blockchain and incorporates a layer-2 (L2) bridge feature, facilitating connectivity with other blockchains like Ethereum (ETH).
The brainchild behind this technology is Professor Bernhard Scholz, serving as Fantom’s Chief Research Officer. Additionally, Andre Cronje, a prominent figure in decentralized finance (DeFi) development and a co-founder of Fantom, led the development team responsible for Sonic.
Sonic is positioned to leverage significant liquidity, user base, and protocols, allowing it to merge the cost-effectiveness, scalability, and speed of L2 with the security features provided by an L2 bridge, granting access to native ETH and other assets on Ethereum.
The native token of Sonic will be denoted as “S.” A recent governance vote has approved S to be compatible and migratable at a 1:1 ratio with Fantom’s native token, FTM.
May 2024, Cryptoniteuae
