The foundation behind Layer 1 blockchain Fantom said on Thursday (23rd) that it will establish the foundation and Sonic Labs as the main support organizations for its new high-throughput L1 chain Sonic.

Sonic is on the launch pad, and we're excited to provide more details about our upcoming Sonic chain, $S token, and launch of a new strategic funding round.@MichaelFKong's latest blog post sheds more light on the new Sonic organization, slate of innovative new partners, and… pic.twitter.com/R4NHIwcUEX

— Fantom Foundation (@FantomFDN) May 23, 2024

According to an announcement from the Fantom Foundation, the Sonic Foundation will be responsible for the governance of the Sonic ecosystem and its vault management functions, and Sonic Labs will focus on decentralized applications, partnerships and communities for the Sonic network.

Fantom Opera is an independent network of the Fantom ecosystem focusing on decentralized finance (DeFi), and the new Sonic blockchain will connect to the Ethereum ecosystem through a Layer 2 cross-chain bridge. Fantom Foundation CEO Michael Kong said in an email to CoinDesk that Sonic will have “the ability to independently withdraw funds on Ethereum” and will provide “every asset bridged from Ethereum to the Sonic chain.” Generate proof.

Kong added that Sonic will be significantly superior to the Fantom chain in terms of speed and security, and "over time, we expect users and developers to fully migrate to the Sonic chain."

The Fantom team also stated that once the Sonic chain is online (expected at some point this year), the network will have its own native token $S, "after a recent governance vote confirmed the interoperability of the two tokens. , S will be 1:1 compatible with Fantom’s existing FTM tokens.”

At the same time as the news of the establishment of the new Sonic entity was released, Fantom also announced the completion of a US$10 million strategic financing led by South Korean crypto venture capital firm Hashed, which will be used to develop Sonic’s ecosystem and products. According to previous statements by Michael Kong, Sonic is expected to debut in late summer or early fall this year.

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Related articles: "Fantom will launch a new network Sonic to build a "shared sequencer" for other blockchains"

This article Fantom’s new chain Sonic establishes a foundation and Sonic Labs to raise US$10 million to develop the ecosystem first appeared on Zombit.