Fantom Foundation Allocates $120M to Bolster the Development of New Blockchain Network Sonic

The investment is designed to attract developers and their projects to Sonic, which promises increased speed and efficiency.

The Fantom Foundation has allocated 200 million Fantom tokens, valued at roughly US$120 million, to support the development and growth of Sonic, a new blockchain network.

Announced on Thursday, the investment aims to entice developers and their projects to Sonic, which boasts increased speed and efficiency.

The funds, generated without expanding the token supply, will be channeled into strategic partnerships and grants, particularly for applications within the Fantom ecosystem that are ready to integrate Sonic's advanced technology.

This investment is poised to reshape the decentralized applications (DApps) landscape by bridging to Ethereum's network, fostering innovation, and widening access to DeFi.

The Fantom Foundation's strategy is geared towards strengthening its presence in the DeFi market by incentivizing the transition to Sonic, presenting a layer-1 solution with an Ethereum-compatible layer-2.

This architecture is expected to provide users with a wider selection of DApps, more liquidity options, and a larger community, all while maintaining Ethereum Virtual Machine (EVM) compatibility.

News source：https://www.kdj.com/cryptocurrencies-news/articles/fantom-foundation-allocates-m-bolster-development-blockchain-network-sonic.html

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