The Fantom Foundation has made significant strides in enhancing the utility of its Sonic Network with the introduction of Sonic Labs and Sonic Foundation. These initiatives aim to develop decentralized apps and manage network governance, respectively, to drive growth within the Web3 ecosystem.
The Sonic Network, designed to be fully compatible with Ethereum Virtual Machine protocols, will feature its native token, $S, which will maintain a 1:1 correlation with Fantom’s FTM. This simplifies interoperability and transaction efficiency for FTM holders, aligning with the foundation’s goal of long-term sustainability.
To accelerate the network’s growth, Fantom announced a $10 million funding round led by Hashed and supported by various industry players and angel investors. With this funding and strategic initiatives in place, the Sonic network is poised to drive innovation within the Fantom ecosystem and Web3 at large.
Despite facing legal challenges earlier this year, the Fantom Foundation remains committed to advancing blockchain technology and transforming industries such as real-world assets, DEXs, payments, trading, and gaming. With a team of experienced professionals and a strong vision for the future, Fantom is well-positioned to lead the way in the evolving crypto landscape.
