Fantom (FTM) Introduces Sonic Foundation, Announces $10 Million Fundraising

Fantom has announced the establishment of Sonic Foundation and Sonic Labs alongside additional details about its upcoming blockchain launch.

Fantom Introduces Sonic Foundation, Announces $10 Million Fundraising. Image: Fantom

On the evening of May 23, Fantom Foundation revealed plans to establish Sonic Foundation and Sonic Labs ahead of the official launch of the Sonic blockchain.

According to the announcement, Sonic Foundation will manage the treasury and governance system, while Sonic Labs will focus on developing dApps on the network.

As previously reported by Coin68, Sonic Network is a new layer-1 blockchain developed by Fantom based on Sonic technology, replacing the old Opera version. The project will also introduce a new token named S, with a 1:1 conversion option with the existing FTM token. Users can opt to continue holding FTM if they prefer not to convert. After the launch of Sonic, the old Opera version will still be maintained under the oversight of Fantom Foundation.

In addition to the introduction of these two new organizations, Fantom also announced a successful $10 million fundraising round, termed the Strategic round, providing financial momentum for Sonic Foundation.

Fundraising Announcement for Sonic. Source: Fantom

Leading the funding round is the prestigious investment fund Hashed, with participation from UOB Ventures, Signum Capital, Softbank, Aave Foundation, and several angel investors including Stani Kulechov, Robert Leshner, Michael Egorov, Fernando Martinelli, Tarun Chitra, and Sam Kazemian.

Fantom plans to utilize the new capital to grow and develop its ecosystem, primarily enhancing active liquidity for blue-chip pools, aiming to attract more users from Ethereum and other layer-2 solutions.

Fantom has been nurturing the development of its new blockchain for over a year, part of a broader strategy to overhaul its entire ecosystem. As part of the planned roadmap, Sonic will also establish a layer-2 bridge to Ethereum, boasting a transaction speed of 2,000 transactions per second, with potential future airdrops of the S token.

Sonic is expected to debut in early Q3/2024. Following the latest news on Sonic, the price of FTM has remained subdued, experiencing a downward trend over the past 24 hours.

4h chart of FTM/USDT pair on Binance at 07:55 AM on 05/24/2024