Fantom Unveils New Layer-1 Chain Sonic, $S Token, and $10M Strategic Funding Round

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As a researcher with a background in blockchain technology and decentralized finance, I am excited about Fantom’s latest announcement of their new high-throughput layer-1 chain Sonic and the introduction of the $S token. The hybrid design of Sonic, which combines the benefits of both layer-1 and layer-2 technologies, is a game-changer in the blockchain landscape.

Fantom is poised to make waves in the blockchain industry with the debut of its new, high-performing layer-1 chain called Sonic, and the launch of its native $S token. This move follows a successful $10 million strategic investment round, setting Fantom up for major progress in the decentralized finance (DeFi) field.

Sonic Chain Launch

Professor Bernhard Scholz and DeFi trailblazer Andre Cronje developed the Sonic platform, a revolutionary layer-1 solution with an integrated Ethereum bridge as its headline feature. This cutting-edge connection allows Sonic to tap into Ethereum’s vast liquidity pool, user community, and protocols while maintaining the affordability, efficiency, and quickness inherent in layer-1 networks.

The unique hybrid architecture sets Sonic apart from others, offering the best of both worlds – the foundational advantages of layer-1 tech and the added capabilities of layer-2. This harmonious blend significantly boosts Sonic’s usability and adaptability, making it an attractive choice for developers and users alike.

Building the Sonic Brand

The introduction of the Sonic chain will markedly involve the creation of both the Sonic Foundation and Sonic Labs. The former, Sonic Foundation, will oversee the network’s administration and financial management. Concurrently, Sonic Labs will be dedicated to fostering expansion among decentralized applications (dApps), forging partnerships, and boosting user engagement. As we craft the Sonic brand, a complete visual identity is being designed, encompassing color palettes, typography, aesthetics, icons, and digital assets such as memes and stickers.

As a crypto investor in the Sonic ecosystem, I can tell you that the central role is played by our native token, the $S. This token will seamlessly integrate with and transition from the existing $FTM token, following a successful governance vote that has recently been approved.

Strategic Fund Raise

Fantom secured a significant investment of $10 million for its projects in a strategic funding round headed by Hashed, South Korea’s prominent crypto investment firm.

As a crypto investor, I’m thrilled to share that this funding round drew the attention of some heavy hitters in the industry. Notable investors such as UOB Ventures, Signum Capital, and the Aave Foundation joined forces with angel investors including Stani Kulechov, Robert Leshner, Michael Egorov, Fernando Martinelli, Tarun Chitra, and Sam Kazemian to support our project.

This investment will significantly speed up the growth of the Sonic chain, adding new features and strengthening its foundation to accommodate various uses and offerings. The presence of prominent backers further underscores the faith of the industry in Fantom’s innovative ideas and technological progress.

Sonic’s Future Prospects

Sonic’s impact on the DeFi and real-world scenes is anticipated to be substantial. Industries including real-world assets, decentralized exchanges (DEXs), payments, trading, and high-transaction games are primed to reap the benefits of Sonic’s quick processing speed and high throughput.

As Fantom delves deeper into the capabilities of the Sonic ecosystem, plans include introducing new features like airdrops, grants, alliances, and more technological innovations in the future.

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2024-05-24 10:52