HomeCrypto NewsFantom's $10M Investment and New Sonic Labs: Paving the Way for a...

Fantom’s $10M Investment and New Sonic Labs: Paving the Way for a Blockchain Breakthrough

Fantom Foundation Introduces Sonic Foundation and Sonic Labs for Advancements in Blockchain Sector

The Fantom Foundation is making waves in the blockchain sector with the announcement of the Sonic Foundation and Sonic Labs, entities that will drive the development and governance of the upcoming Sonic blockchain. This new blockchain is poised to revolutionize the industry with its high-performance network and sub-second finality, building upon Fantom’s existing Opera network.

The Sonic Foundation will oversee governance and treasury functions, ensuring a structured approach to decision-making and financial oversight. Meanwhile, Sonic Labs will focus on developing decentralized applications (dApps) on the Sonic network, creating a vibrant ecosystem for a variety of applications. This dual structure reflects Fantom’s commitment to efficiency and innovation in network development.

In response to the growing demand for scalable solutions in the blockchain space, Fantom has closed a successful strategic funding round, raising $10 million. Led by Hashed and with participation from institutional and individual investors, this funding will support growth and ecosystem development, particularly enhancing liquidity for blue-chip pools on automated market makers and money markets.

The Sonic network is set to offer a native Layer 2 bridge connected to Ethereum, enabling efficient transaction processing and seamless interoperability across different blockchain layers. Tokens on the Sonic network will use the ticker $S and maintain a 1:1 compatibility with Fantom’s FTM tokens, ensuring a smooth transition for users and developers.

As the Fantom Foundation looks towards 2024, the focus remains on advancing the Sonic chain while maintaining operations on the Opera network. This period of growth and development promises new opportunities and innovations in the blockchain space, solidifying Fantom’s position as a leader in the industry. Stay tuned for more updates on the exciting developments from Fantom and the Sonic blockchain.

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