The foundation behind Layer 1 blockchain Fantom announced on Thursday (23rd) that it will establish the Sonic Foundation and Sonic Labs to serve as the main supporting institutions for its new high-throughput L1 chain, Sonic.
According to the announcement released by the Fantom Foundation, the Sonic Foundation will be responsible for governing the Sonic ecosystem and managing its treasury functions, while Sonic Labs will focus on decentralized applications, partnerships, and community development within the Sonic network.
Fantom Opera is an independent network within the Fantom ecosystem that focuses on decentralized finance (DeFi), while the new Sonic blockchain will be connected to the Ethereum ecosystem through Layer 2 cross-chain bridges. Michael Kong, CEO of the Fantom Foundation, stated in an email sent to CoinDesk that Sonic will have the ability to “independently extract funds on Ethereum” and generate proof for “every asset bridged from Ethereum to the Sonic chain.”
Kong added that Sonic will be significantly faster and more secure than the Fantom chain, and they anticipate that users and developers will fully migrate to the Sonic chain over time.
The Fantom team also announced that once the Sonic chain goes live (expected at some point this year), the network will have its native token, $S, which will be interoperable with Fantom’s existing FTM token at a 1:1 ratio, as confirmed by a recent governance vote.
In conjunction with the announcement of the establishment of the new Sonic entities, Fantom also revealed the completion of a $10 million strategic funding round led by South Korean crypto venture firm Hashed. This funding will be used for the development of Sonic’s ecosystem and products. As stated by Michael Kong previously, Sonic is expected to launch in late summer or early autumn this year.
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Related article: “Fantom to Launch New Network Sonic, Building ‘Shared Sorters’ for Other Blockchains”
