Fantom Foundation Pledges $120M to Accelerate Project Migrations to Sonic
The Fantom Foundation, the driving force behind the Fantom decentralized network, has committed to support the launch of Sonic, a new and faster network.
In an announcement on June 20, the Fantom Foundation revealed its plan to allocate up to 200 million of its native Fantom tokens, amounting to approximately $120 million, from its treasury to facilitate the transition of projects to the Sonic network.
The pledged funds will be utilized to identify and secure partnerships with top-tier developers and companies capable of contributing to the growth and development of the Sonic network.
This includes developers working on applications directly on the Fantom platform, developers focused on decentralized applications (DApps), as well as partners providing essential tools and services.
Notably, the funds will be derived from smart financial strategies implemented by Fantom network creator Andre Cronje, without any increase in the total token supply.
Initially, the allocated funds will be directed towards strategic grants for existing applications within the Fantom ecosystem, with priority given to those that have demonstrated a strong interest in leveraging the Sonic technology.
The move follows the establishment of the Sonic Foundation, a newly formed entity responsible for overseeing Sonic’s governance, managing the network treasury, fostering partnerships, and nurturing the DApp ecosystem.
According to Fantom Foundation CEO Michael Kong and the development team, Sonic will introduce a new layer-1 solution alongside a built-in layer 2 that facilitates seamless integration with the Ethereum network, bridging the gap between the two EVM-compatible networks.
Through the architecture of the Sonic Chain, users on the upcoming Sonic
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