Fantom Foundation Creates Sonic Foundation, Labs for New Sonic Chain
Fantom Opera blockchain is establishing Sonic Foundation and Sonic Labs to support Sonic, a new layer-1 blockchain with a layer-2 bridge to Ethereum. Sonic will enable independent fund withdrawals from Ethereum and generate proofs for bridged assets. It aims to be faster and more secure than Fantom. Sonic Foundation will govern the ecosystem and treasury, while Sonic Labs will focus on decentralized applications and community. The network will have its native token, $S, which will be interoperable with Fantom’s $FTM token. Fantom closed a $10 million funding round led by Hashed for Sonic’s growth. Sonic entities will become operational once the Sonic chain is live. CEO Michael Kong expressed gratitude to investors and the team for their support and commitment.
