Sonic

Foundation

Fantom

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/fantom-foundation-launches-sonic-foundation-and-sonic-labs/" data-wpel-link="internal">Fantom Foundation Launches Sonic Foundation and Sonic Labs</a><br></p>
<p class="p1">On May 22, the Fantom Foundation, the organization behind the Layer-1 network Fantom, publicly announced the launch of the Sonic Foundation and Sonic Labs. These new entities will be the main structures supporting the new Layer-1 network, Sonic. The Fantom Foundation stated that the Sonic Foundation will be responsible for the network’s governance and treasury management functions. Meanwhile, Sonic Labs will support growth among dApps, partnerships, and users.</p> 
<h2 class="p1" id="new-step-from-the-fantom-team">New Step from the Fantom Team</h2> 
<p class="p1">In addition to announcing the establishment of the Sonic Foundation, the Fantom Foundation also announced the successful completion of a $10 million funding round led by the Korean crypto fund Hashed. Additional <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> included UOB Ventures, Signum Capital, Aave Foundation, and several angel investors. Fantom Foundation CEO Michael Kong made the following statement:</p> 
<blockquote> 
 <p class="p1">“The capital raised in the last round will only be used to support strategic growth and ecosystem development.”</p> 
</blockquote> 
<p class="p1">Fantom announced plans to launch the Sonic blockchain at the beginning of March. The Fantom team has been working on developing the <a href="https://newslinker.co" target="_blank" rel="noopener" data-wpel-link="exclude">technology</a> for the past two years and anticipates the Sonic network to be launched by late summer or early fall this year. Sonic stands out as a blockchain technology designed to process a large number of transactions quickly. The network operates as a Layer-1 network and includes a Layer-2 bridge feature that provides connections to other blockchains like <a href="https://en.coin-turk.com/experts-anticipate-ethereum-etf-approval/" data-wpel-link="internal">Ethereum</a>.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-355299" src="https://coin-turk.com/wp-content/uploads/2024/05/fantom.png" alt="" width="500" height="456"></p> 
<h2 class="p1" id="what-s-happening-on-the-fantom-front">What’s Happening on the Fantom Front?</h2> 
<p class="p1">Fantom’s Chief Research Officer Professor Bernhard Scholz leads the team that designed this technology. Additionally, a key figure in the development of decentralized finance (DeFi) and a co-founder of Fantom, Andre Cronje, led the development team responsible for Sonic.</p> 
<p class="p1">Sonic claims to benefit from a large amount of liquidity, users, and protocols. This capability allows the network to combine the low cost, scalability, and speed seen in Layer-2 networks for accessing the native Ethereum network and other assets on Ethereum with the security of a Layer-2 bridge.</p> 
<p class="p1"><strong>Sonic</strong> will have a native token called S. A recently approved governance vote aligned S and will be distributed at a 1:1 ratio with Fantom’s native token FTM. However, this positive development has not yet significantly increased the price of FTM. Since Monday, the FTM price has dropped from $0.95 to $0.81.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-355297 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/ftm-2.webp" alt="" width="1206" height="815"></p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/fantom-foundation-launches-sonic-foundation-and-sonic-labs/" data-wpel-link="internal">Fantom Foundation Launches Sonic Foundation and Sonic Labs</a></h5>

Fantom Foundation Launches Sonic Foundation and Sonic Labs

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