The Fantom Foundation has stated that there will be two new organizations to manage the development of the new Sonic blockchain including Sonic Foundation and Sonic Labs. The new foundation will oversee governance, partnerships, and the network treasury as headed by CEO Michael Kong, while Sonic Labs will be in charge of lengthening and boring the DApps of the ecosystem.
Sonic blockchain, a Layer-1 solution with built-in Layer 2, will bridge the Fantom network directly to Ethereum, enabling users to access Ethereum’s extensive ecosystem seamlessly. The blockchain 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 introduces 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 has 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.
Also Read: Fantom’s FTM Price Surge After Unveiling Sonic Network
