PANews reported on May 24 that according to Cointelegraph, the Fantom Foundation announced the establishment of a new foundation, the Sonic Foundation, to promote the launch of the upcoming new Sonic chain. The Sonic Foundation will be responsible for overseeing Sonic's governance, managing network funds, coordinating partnerships, and developing a DApp ecosystem.
It is reported that Sonic will consist of a new Layer 1 solution and a built-in Layer 2 that can directly bridge the EVM-compatible network to the Ethereum network. Through the architecture of Sonic Chain, users of the upcoming Sonic network will be able to take advantage of Ethereum's huge decentralized applications, liquidity providers, and community ecosystem.
Yesterday, the Fantom community passed the first proposal of "Building Sonic Chain", which intends to support the 1:1 exchange of FTM and S tokens. Earlier today, the Fantom Foundation completed a strategic financing of US$10 million, led by Hashed.