The Fantom Foundation, the organization behind the Fantom platform, has recently announced its commitment to supporting the launch of Sonic, a new ultra-fast network. On June 20, the Fantom Foundation revealed that it will be allocating up to 200 million Fantom (FTM) tokens, valued at approximately $120 million, to assist developers and companies in transitioning their projects to Sonic through the Sonic Labs Innovator Fund.
These funds will be utilized to identify and secure partners who can contribute to the growth and development of the Sonic network. The partners sought after include developers who are building apps directly on Fantom, developers creating decentralized applications (DApps), as well as partners offering essential tools and services.
The accumulation of FTM tokens is attributed to Andre Cronje’s treasury management, as stated in Fantom’s announcement. Initially, the allocations will focus on providing strategic grants to applications already within the Fantom ecosystem, with priority given to those who have shown a strong interest in utilizing Sonic technology.
To facilitate the launch of the Sonic Chain, a new foundation called Fantom’s Sonic Foundation has been established. This foundation will oversee Sonic’s governance, manage the network treasury, establish partnerships, and foster the growth of the DApp ecosystem.
Sonic will introduce a new layer-1 solution and a built-in layer 2 that directly bridges the Ethereum Virtual Machine-compatible network to Ethereum, according to Fantom Foundation CEO Michael Kong and the development team. Through the architecture of the Sonic Chain, users will reportedly be able to access Ethereum’s extensive ecosystem of decentralized applications, liquidity providers, and community.
This is not the first time the Fantom Foundation has provided incentives for projects. In May, they set aside $6.5 million worth of FTM tokens to support the concept of “safer memecoins” and reward developers. Additionally, the Gas Monetization Program was launched in May 2023 as part of the Fantom Opera network team program, which pays eligible developers 15% of the total gas fees generated by their apps.
Cointelegraph has reached out to the Fantom team for further information on the Sonic Labs fund but has not yet received a response.