Fantom (FTM) Unveils New Token and Funding For Sonic Network
Highlights
- Fantom's Sonic Network has shared crucial growth updates on its structure
- The Sonic Network will operate with a Lab and a Foundation
- Sonic Network also secured $10 million in funding led by Hashed
Fantom (FTM), a Directed Acyclic Graph (DAG) protocol has teased the broader community two key updates bordering on its Sonic Network.
Fantom Floats Sonic Token, Labs and Foundation
As the parent protocol revealed through the Fantom Foundation, it said is launching the duo of Sonic Labs and Sonic Foundation. These outfits have their designated roles with the unifying goal of raising the utility of the Sonic Network in the Web3 world.
As it revealed, Sonic Labs will take responsibility for the development and growth of Decentralized Applications (DApps) with ties to Sonic. The Sonic Foundation will also be responsible for the network’s governance and Treasury Management.
“The launch of the Sonic network will coincide with the introduction of the Sonic Foundation, which will be responsible for the networks’ governance and treasury management functions, as well as Sonic Labs, which will now drive growth among dApps, partnerships, and users,” said Michael Kang, the CEO of the Fantom Foundation.
Sonic Network is the innovative engine that Fantom has been working on for a while. The protocol is designed to maintain full compatibility with the Ethereum Virtual Machine (EVM) protocols. As noted in the latest announcement, Sonic Network will also get its own native token with the ticker ‘S’.
In a recent governance vote conducted by the protocol, the S token and Fantom’s FTM will maintain a 1:1 correlation. This will ensure easier interoperability or transaction boost for users and holders’ of FTM. Per the current positioning of Sonic Network by the Fantom Foundation, the protocol is on track to be self sustaining overall.
Bootstrapping Sonic Network With Funding
The Fantom ecosystem has announced the launch of a $10 million funding to bootstrap growth in the Sonic Network. This current funding was reportedly led by Hashed. The Sonic Funding also gained participation from including UOB Ventures, Signum Capital, and Aave Foundation, as well as angel investors Stani Kulechov, Robert Leshner, Michael Egorov, Fernando Martinelli, Tarun Chitra, Sam Kazemian, and individual partners from UOB.
With this capital injection, Kang submitted that Sonic is ready to pilot growth initiatives within its ecosystem. Overall, the Sonic independence might also help enhance Fantom’s relevance as both chart new ways to take a larger share of the DeFi ecosystem.
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