TechFlow news: The Fantom Foundation has announced the establishment of the Sonic Foundation and Sonic Labs, aimed at launching the Sonic blockchain. The Sonic Foundation will be responsible for governance and fund management, while Sonic Labs will focus on developing decentralized applications on the network.
The Fantom Foundation has also completed a $10 million strategic funding round led by Hashed, with participation from UOB Ventures, Signum Capital, SoftBank, Aave Foundation, and several angel investors including Stani Kulechov, Robert Leshner, Michael Egorov, Fernando Martinelli, Tarun Chitra, and Sam Kazemian. The funding supports the development of the Sonic Foundation and aims to attract users from Ethereum and other Layer 2 networks by increasing liquidity.
Sonic is designed to be a high-performance blockchain with sub-second finality, representing the next evolutionary phase of Fantom's existing Opera network. The token on the Sonic network will be denoted by $S and will be compatible with Fantom's existing FTM token.
