The new Sonic Foundation has received $10 million in support from Phantom
On Wednesday, Phantom Foundation, the entity behind Layer-1 (L1) Phantom, announced the launch of Sonic Foundation and Sonic Labs.
These new components will be the main components supporting the new L1 blockchain, Sonic.
Fantom guaranteed a $10 million fund for Sonic Chain
The Phantom Foundation explained that the Sonic Foundation will be responsible for the network management and treasury management functions. Meanwhile, Sonic Labs drives development between dApps, partnerships, and users.
In addition to announcing the creation of the Sonic Foundation, Phantom Foundation also demonstrated its success in closing a $10 million funding round led by Korean crypto fund Hashed. Additional investors include UOB Ventures, Signum Capital, Aave Foundation, and several angel investors.
Read more: What is Fantom (FTM)?
“The capital raised in the latest round will be used exclusively to further support strategic growth and ecosystem development,” said Michael Kong, CEO of Phantom Foundation.
Phantom announced its plans to launch the Sonic blockchain in early March. The Phantom team has been working on developing the technology for the past two years and is expected to launch the Sonic chain in late summer or early fall this year.
Sonic is a blockchain technology designed to quickly process large numbers of transactions. It functions as a primary L1 blockchain and includes a layer-2 (L2) bridging feature that allows it to connect to another blockchain such as Ethereum (ETH).
Professor Bernhard Scholz, Phantom's Chief Research Officer, designed this technology. In addition, André Cronje, a key figure in decentralized finance (DeFi) development and co-founder of Phantom, led the development team responsible for Sonic.
Sonic claims to have access to massive amounts of liquidity, users and protocols. This capability allows the chain to combine the low cost, scalability and speed of L2 with the security of the L2 bridge to access native ETH and other assets on Ethereum.
Sonic will own a native token, which will use TicketS. The recently approved management vote S is compatible and can be migrated 1:1 with Fantom's token, FTM.
Read More: Fantom (FTM) Price Prediction 2024/2025/2030
However, this positive development has yet to significantly boost FTM prices. Since Monday, FTM has dropped from $0.95 to $0.81.
Disclaimer
Adhering to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This newsletter aims to provide accurate and up-to-date information. However, readers are advised to independently verify facts and consult with experts before making any decisions based on this content. Please note that our terms and conditions, privacy policies and disclaimers have been updated.
