The Fantom Foundation has recently unveiled plans to launch the Sonic chain and has established a dedicated foundation to oversee its development and deployment.
The Fantom Foundation has recently unveiled plans to launch the Sonic chain and has established a dedicated foundation to oversee its development and deployment. In a blog post on May 23, Fantom Foundation CEO Michael Kong introduced the Sonic Foundation, emphasizing its potential to revolutionize various sectors, including decentralized finance (DeFi) and real-world applications.
According to Kong and the Fantom development team, the Sonic chain will feature a layer-1 solution integrated with a built-in layer 2, enabling seamless connectivity between the EVM-compatible network and the Ethereum network. This integration will provide users of the Sonic network with access to Ethereum's extensive ecosystem of DApps, liquidity providers, and vibrant community.
Kong highlighted the speed and high throughput of the Sonic chain, stating that it could transform industries such as real-world asset management, perpetual decentralized exchanges (DEXs), payments, trading, and high-transaction-based games. The primary responsibilities of the Sonic Foundation will include governance oversight, managing the network treasury, fostering partnerships, and cultivating the decentralized application (DApp) ecosystem for the Sonic chain.
Fantom, originally launched in 2019, employs a unique consensus model called Lachesis. Unlike traditional blockchain networks, Fantom's Lachesis utilizes directed acyclic graphs and asynchronous Byzantine fault tolerance (aBFT). Fantom’s native token FTM is down 3.52% in the past hour, and is currently trading at $0.8167.
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