As a seasoned crypto investor with a deep understanding of the blockchain landscape, I’m excited about the latest developments surrounding Fantom (FTM) and its Sonic Network. The announcement of Sonic Labs and Sonic Foundation is a significant step forward in raising the utility and importance of this innovative engine within the Web3 world.
The cryptocurrency project Fantom (FTM) has recently announced two significant developments related to its Sonic Network.
Fantom Floats Sonic Token, Labs and Foundation
According to the information provided by the Fantom Foundation as the parent protocol, they are introducing Sonic Labs and Sonic Foundation. Each of these entities will play distinct roles while sharing the common objective of enhancing the functionality of the Sonic Network within the Web3 realm.
Sonic Labs assumes the role in overseeing the creation and expansion of Decentralized Applications (DApps) linked to Sonic. Concurrently, the Sonic Foundation is tasked with managing the network’s governance and treasury matters.
“Michael Kang, the CEO of the Fantom Foundation, announced that the rollout of the Sonic network will align with the establishment of two new entities: the Sonic Foundation and Sonic Labs. The former will oversee the networks’ governance and financial management, while the latter will focus on fostering growth among decentralized applications (dApps), partnerships, and user base for the Sonic network.”
Expert: Sonic Network represents Fantom’s advanced development project, which has been underway for some time. This protocol retains complete synchronization with Ethereum Virtual Machine (EVM) guidelines. According to the latest communication, Sonic Network will introduce its own unique token named ‘S’.
In the latest governance decision made by the protocol, the S token and Fantom’s FTM will preserve a symmetrical relationship, specifically a 1:1 correlation. This arrangement offers simplified interaction or enhanced transaction efficiency for both FTM holders and users. Given the current development roadmap set forth by the Fantom Foundation, the self-sufficient status of the Sonic Network protocol is projected to be attained in the near future.
Bootstrapping Sonic Network With Funding
As a crypto investor, I’m excited to share that the Fantom ecosystem has recently announced the launch of a $10 million funding round for the Sonic Network. This investment is aimed at fueling growth within the Sonic ecosystem. Hashed reportedly spearheaded this current funding round.
With this new infusion of capital, Kang argued that Sonic is now prepared to spearhead expansion projects within its own domain. In the grand scheme, Sonic’s autonomy could potentially boost Fantom’s significance as both entities explore innovative paths to capture a larger stake in the Decentralized Finance (DeFi) sector.
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2024-05-23 21:33