Smart contract platform Fantom recently unveiled updates on its Sonic Network.
The Fantom Foundation has introduced two key initiatives: Sonic Labs and Sonic Foundation, both designed to enhance the utility of the Sonic Network in Web3.
Sonic Labs is tasked with the development and expansion of decentralized apps (dApps) associated with Sonic. Meanwhile, the Sonic Foundation will oversee the network's governance and manage the treasury.
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The Sonic Network, a protocol under development by Fantom, is engineered to be fully compatible with Ethereum Virtual Machine (EVM) protocols. Additionally, the network will feature its native token, with the ticker $S.
A recent governance vote concluded that the S token will maintain a 1:1 correlation with Fantom’s FTM, simplifying interoperability and transaction efficiency for FTM holders. The Fantom Foundation aims for the Sonic Network to be self-sustaining in the long term.
Michael Kong, CEO of the Fantom Foundation, stated:
Industries and applications such as real-world assets, perpetual DEXs, payments, trading, and high-transaction-based games, can be transformed by the speed and high throughput of Sonic.
To accelerate Sonic Network's growth, the Fantom ecosystem announced a $10 million funding round. Led by Hashed, the round included contributions from UOB Ventures, Signum Capital, Aave Foundation, and angel investors like Aave CEO Stani Kulechov, Superstate CEO Robert Leshner, and Curve DAO Founder Michael Egorov, among others.
With considerable funding and strategic initiatives, the Sonic network is well-positioned to drive growth and innovation within the Fantom ecosystem and Web3 in general.
Earlier this year, the Fantom Foundation was involved in a legal battle, as it turned to the Singapore High Court seeking to have Multichain Foundation declared bankrupt and to recover around $122 million lost in a bridge exploit.
