By
Kseniia Klichova
June 10th, 2024
As Fantom continues to explore the potential of the Sonic chain, additional programs such as airdrops, grants, partnerships, and further technological advancements are lined up.
Fantom is set to revolutionize the blockchain landscape with the unveiling of its new high-throughput layer-1 chain Sonic and the introduction of the $S token. This initiative comes alongside the announcement of a successful $10 million strategic funding round, positioning Fantom for significant advancements in the decentralized finance (DeFi) sector.
Sonic Chain Launch
The Sonic chain, designed by Professor Bernhard Scholz and led by DeFi pioneer Andre Cronje, is a groundbreaking layer-1 platform with a native layer-2 bridge connected to Ethereum. This innovative bridge enables Sonic to leverage Ethereum’s extensive liquidity, user base, and protocols while offering the low cost, scalability, and speed typical of a layer-1 chain.
The hybrid design makes Sonic the first of its kind, providing the combined benefits of both layer-1 and layer-2 technologies. This seamless integration enhances the overall utility and functionality of the Sonic network, making it a versatile platform for developers and users alike.
Building the Sonic Brand
The launch of the Sonic chain will also see the establishment of the Sonic Foundation and Sonic Labs. The Sonic Foundation will be responsible for the network’s governance and treasury management, while Sonic Labs will focus on driving growth among decentralized applications (dApps), partnerships, and user engagement. In building the Sonic brand, a comprehensive visual identity is being developed, including color schemes, typography, aesthetics, iconography, and digital assets such as memes and stickers.
Central to the Sonic ecosystem is the $S token, which will be compatible with and migrate from the $FTM token on a 1:1 basis, following a recently approved governance vote.
Strategic Fund Raise
In a major boost to its initiatives, Fantom has closed a $10 million strategic funding round led by Hashed, one of the largest cryptocurrency funds in Korea.
This round also saw participation from notable investors such as UOB Ventures, Signum Capital, Aave Foundation, and angel investors including Stani Kulechov, Robert Leshner, Michael Egorov, Fernando Martinelli, Tarun Chitra, and Sam Kazemian.
This funding will be instrumental in accelerating the development of the Sonic chain, expanding its capabilities, and enhancing its infrastructure to support a wide range of applications and services. The involvement of high-profile investors also signals strong market confidence in Fantom’s vision and technological advancements.
Sonic’s Future Prospects
The Sonic chain is poised to make a significant impact on various DeFi and real-world applications. Industries such as real-world assets, perpetual decentralized exchanges (DEXs), payments, trading, and high-transaction-based games are expected to benefit from Sonic’s speed and high throughput.
As Fantom continues to explore the potential of the Sonic chain, additional programs such as airdrops, grants, partnerships, and further technological advancements are lined up.