TechFlow News — The Fantom Foundation announced that the community has voted in favor of its first proposal regarding the upcoming Sonic chain, with a 99% approval rate. FTM will be compatible with Sonic’s new token S, enabling a 1:1 swap upon launch.
According to the Fantom governance forum, community members have initiated a series of governance proposals concerning the Sonic network and are currently seeking community feedback on proposed changes, plans, and initiatives. The proposal states that Sonic will be a brand-new L1 chain, natively cross-chain bridged to Ethereum and other chains via an L2 bridge. Based on the results of the first governance vote, FTM holders will be able to migrate their holdings to Sonic's native token S at a 1:1 ratio at genesis.
Leveraging its new bridging architecture, Sonic will deliver superior performance for users and DApp developers compared to the existing Opera network. Fantom Operations Ltd. commits to continued validator support for Opera, while Sonic Operations Ltd. will support the Sonic chain.
The Fantom Foundation will also allocate hundreds of millions of dollars worth of FTM from its treasury to support the development of the Sonic ecosystem, including marketing, business development, and migration grants.
