Fantom Foundation Reserves 200M FTM to Support the Launch of Sonic, a New and Faster Network

The Fantom Foundation, known for the Fantom Decentralized Network, has made a significant financial commitment to support the launch of Sonic, a new and faster network.

The Fantom Foundation, known for its role in the Fantom Decentralized Network, has announced a major financial commitment to support the launch of Sonic, a new and faster network.

Specifically, the foundation will be reserving up to 200 million of their native Fantom tokens, which are currently valued at approximately $120 million, from their treasury. This allocation is intended to help developers and companies move their projects to Sonic.

The reserved funds will be used to attract and secure first-class partners who can contribute to building and growing the Sonic Network. These partners include developers who create applications directly on Fantom, as well as developers of decentralized apps (DAPPs) and providers of critical tools and services.

According to the foundation, the funds are being allocated from smart financial strategies led by Andre Cronje, the creator of the Fantom Network, without increasing the total number of tokens.

Initially, these allocations will be focused on providing strategic grants to applications that are already operating within the Fantom ecosystem. Priority will be given to those that have shown strong interest in utilizing Sonic technology.

This development comes alongside the creation of a new foundation to facilitate the launch of the upcoming Sonic chain. The Fantom’s Sonic Foundation will be responsible for overseeing Sonic's governance, managing the network treasury, orchestrating partnerships, and developing the DAPP ecosystem.

Sonic is a new Layer-1 solution with a built-in Layer 2 that directly connects the EVM-compatible network to the Ethereum network, according to Michael Kong, CEO of Fantom Foundation, and the Fantom Development Team. This integration allows users of the Sonic Network to tap into Ethereum's vast ecosystem of decentralized applications, liquidity providers, and communities.

This isn't the first time the Fantom Foundation has offered such incentives. In May, the Layer-1 Blockchain Fantom pushed the idea of "Safer Memecoins" by setting aside $6.5 million of their native token to reward developers.

Moreover, the "Gas Monetization Program," a new initiative from the Fantom Opera Network Team, was launched in May 2023. This program pays developers the gas costs their users generate, with eligible developers receiving 15% of the total gas costs their apps generate.

News source：https://www.kdj.com/cryptocurrencies-news/articles/fantom-foundation-reserves-m-ftm-support-launch-sonic-faster-network.html

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