The fund will be used to support the launch of native application grants, strategic grants for decentralized applications, and the development of infrastructure tools for developers and users.
The Fantom Foundation, the organization behind the Phantom Platform, has announced its financial commitment to support the launch of Sonic, a new ultra-fast network.
On June 20, the Phantom Foundation announced that it had allocated up to 200 million Phantom tokens.
, valued at approximately $120 million, to help developers and companies move their projects to the Sonic Network, as part of the Sonic Labs Innovator Fund.
About the Fund
The funds will be used to find partners who can help build, grow and secure the Sonic Network, including developers who build apps directly on Phantom, developers who make decentralized applications (DApps), and partners who provide valuable tools and services.
Phantom's announcement attributes the allocation of FTM tokens to Andre Cronje's plans to manage the vault, as the allocations will initially focus on making strategic grants to applications already within the Phantom ecosystem, with priority given to those who have demonstrated a strong interest in using Sonic's technology.
Sonic Foundation
This development follows the creation of a new organization to facilitate the launch of the Sonic Network. Phantom's Sonic Foundation will oversee Sonic's governance, manage the network's treasury, coordinate partnerships, as well as develop the decentralized application ecosystem.
According to Phantom Foundation CEO Michael Kong and the Phantom development team, Sonic will have a new Layer 1 solution, and an integrated Layer 2 solution, directly connecting the Ethereum Virtual Machine Compatible Network to the Ethereum network.
Through the Sonic Network architecture, Sonic users will be able to leverage the vast Ethereum ecosystem, its decentralized applications, liquidity providers, and community.
The Phantom's history is full of incentives
This is not the first time that the Phantom Foundation has provided incentives for projects. In May, the company supported the idea of “safer meme currencies” by allocating $6.5 million in FTM tokens to reward developers.
In May 2023, a new program was launched by the Phantom Opera Network team, called the "Gas Monetization Program", to pay the transaction costs that developers collect from users. Specifically, the program pays eligible developers 15% of the total costs generated by their applications.
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