The Fantom Basis has said that there shall be two new organizations to handle the event of the brand new Sonic blockchain together with Sonic Basis and Sonic Labs. The brand new basis will oversee governance, partnerships, and the community treasury as headed by CEO Michael Kong, whereas Sonic Labs shall be in control of lengthening and boring the DApps of the ecosystem.
Sonic blockchain, a Layer-1 resolution with built-in Layer 2, will bridge the Fantom community on to Ethereum, enabling customers to entry Ethereum’s intensive ecosystem seamlessly. The blockchain sub-second finality improves velocity and safety in comparison with Fantom’s Opera community.
With plans for a local Layer 2 bridge to Ethereum, Sonic goals to draw customers and builders from Ethereum and different Layer 2 networks. The launch introduce a brand new token, $S, which shall be interoperable on a 1:1 foundation with Fantom’s present $FTM token, following a current governance vote.
Sonic has secured $ 10 million from the muse in its strategic funding spherical, with backing from Hashed, UOB Ventures, Signum Capital, Aave Basis, and different fashionable angels.
