The Fantom Foundation, the organization behind the Fantom platform, has announced a substantial financial commitment to support the launch of Sonic, an ultra-fast network.
On June 20, the Fantom Foundation revealed that it is dedicating up to 200 million Fantom (FTM) tokens, valued at approximately $120 million, to assist developers and companies in transitioning their projects to Sonic. This initiative is part of the Sonic Labs Innovator Fund.
Purpose of the Funds
The funds will be utilized to identify and secure partners who can contribute to building and expanding the Sonic network. This includes developers creating applications directly on Fantom, those developing decentralized applications (DApps), and partners providing essential tools and services.
The financial backing will be used for:
- Native application grants: Supporting the creation of new apps on Fantom.
- Strategic grants to decentralized applications: Encouraging the development of innovative DApps.
- Infrastructure tools: Building necessary tools for developers and users.
The Fantom Foundation credits the accumulation of these FTM tokens to Andre Cronje’s effective treasury management. Initially, the allocations will prioritize providing strategic grants to applications already within the Fantom ecosystem, particularly those keen on utilizing Sonic technology.
Sonic Foundation
This move comes alongside the establishment of the Sonic Foundation, which will oversee Sonic’s governance, manage the network treasury, coordinate partnerships, and develop the DApp ecosystem.
According to Fantom Foundation CEO Michael Kong and the development team, Sonic will feature a new layer-1 solution and an integrated layer-2 that directly bridges the Ethereum Virtual Machine-compatible network to Ethereum.
This initiative marks a significant step towards fostering innovation and growth within the Fantom ecosystem, ensuring that Sonic can deliver on its promise of high-speed performance and robust functionality.
Summary Review: The Fantom Foundation’s significant financial commitment to Sonic underscores its dedication to fostering innovation and supporting the development of new technologies within the blockchain space. By allocating $120 million in FTM tokens, the Foundation aims to build a robust and dynamic ecosystem that leverages Sonic’s capabilities to their fullest potential, ensuring the platform’s growth and success in the rapidly evolving world of decentralized applications and blockchain infrastructure.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
