The Fantom Foundation has recently disclosed its plans to establish the Sonic Foundation and Sonic Labs in preparation for the launch of its Sonic blockchain.
In an announcement on Thursday, the foundation expressed its commitment to leveraging its technology and revealed additional details about the upcoming developments.
Fantom Introduces Sonic Chain
According to the foundation’s blog post, with the completion of the upgrade for their Opera chain on the horizon, Fantom is directing its focus towards creating a new “high-throughput” chain called Sonic (S).
The introduction of the Sonic network will coincide with the establishment of the Sonic Foundation, which will assume responsibility for governance and treasury management functions. Additionally, Sonic Labs will spearhead the growth of decentralized applications (dApps), partnerships, and user engagement.
Related Reading
Developed under the guidance of Professor Bernhard Scholz, a virtual machine developer, and led by decentralized finance (DeFi) expert Andre Cronje, the Sonic chain represents a new type of Layer-1 platform with a native Layer-2 bridge connected to the Ethereum (ETH) network.
The Sonic chain is reportedly designed to serve as a Layer 1 solution connected to Ethereum via a Layer 2 bridge. This integration is intended to allow Sonic to leverage Ethereum’s liquidity, user base, and protocols.
As a result, the network will combine the benefits of a Layer-1 platform, such as affordability, scalability, and speed, with the security of a Layer-2 bridge, providing access to native ETH and other assets on Ethereum.
$10 Million Raised In Strategic Funding Round
Regarding the “S” token, a recent governance vote has secured compatibility and migration between the decentralized platform’s native token FTM and S on a 1:1 basis.
Fantom also announced the successful completion of a $10 million strategic funding round led by Hashed, one of Korea’s cryptocurrency funds. This funding initiative for the foundation is expected to expand further in the coming months.
In addition to Hashed, UOB Ventures, Signum Capital, and Aave (AVE) Foundation, along with angel investors Stani Kulechov, Robert Leshner, Michael Egorov, Fernando Martinelli, Tarun Chitra, and Sam Kazemian, and individual partners from UOB, have all provided support during the funding round.
The capital raised in the latest round of funding will be used exclusively to support strategic…
Click Here to Read the Full Original Article at NewsBTC…
