As a researcher with experience in blockchain technology and cryptocurrency markets, I find Fantom Foundation’s latest announcements intriguing. The introduction of the Sonic chain as a high-throughput Layer-1 solution connected to Ethereum via a Layer-2 bridge is an innovative approach that could potentially revolutionize the DeFi landscape.
The Fantom Foundation has announced its intentions to create the Sonic Foundation and Sonic Labs as part of their preparations for introducing the Sonic blockchain to the public.
On Thursdays announcement, I, along with the foundation, pledged to utilize our technology to its fullest potential. Furthermore, we disclosed further insights into the forthcoming advancements.
Fantom Introduces Sonic Chain
Based on the foundation’s recent blog entry, the upcoming enhancement to the Opera blockchain by Fantom is shifting their attention towards developing a “fast processing” chain named Sonic (S).
As a crypto investor, I’m excited about the upcoming introduction of the Sonic network. At the same time, I understand that this significant event will be accompanied by the establishment of the Sonic Foundation. This foundation will take on important responsibilities such as overseeing governance and managing the network’s treasury. Furthermore, Sonic Labs will play a pivotal role in driving the expansion of decentralized applications (dApps), forging new partnerships, and fostering increased user engagement within the Sonic ecosystem.
Under the tutelage of Professor Bernhard Scholz, a renowned virtual machine developer, and spearheaded by DeFi specialist Andre Cronje, the Sonic chain emerges as an innovative Layer-1 solution boasting a built-in Layer-2 connection to Ethereum (ETH).
The Sonic chain is said to function as a Level 1 network interconnected with Ethereum through a Level 2 link. By doing so, Sonic aims to utilize Ethereum’s resources such as liquidity, user community, and established protocols.
I have discovered an innovative solution that allows a network to merge the advantages of a Layer-1 platform, including affordability, scalability, and swiftness, with the robust security features of a Layer-2 bridge. By doing so, users will be granted access to Ethereum’s native ETH and other assets seamlessly.
$10 Million Raised In Strategic Funding Round
The “S” token can now be seamlessly integrated with the decentralized platform’s native token FTM, following a successful governance vote. This means that one unit of FTM will equal one unit of S.
Fantom recently finished raising $10 million in a strategic investment round headed by Hashed, a significant South Korean cryptocurrency firm. The funding for the foundation is projected to grow substantially over the next few months.
Apart from Hashed, UOB Ventures, Signum Capital, and Aave (AVE) Foundation, as well as angel investors Stani Kulechov, Robert Leshner, Michael Egorov, Fernando Martinelli, Tarun Chitra, and Sam Kazemian, and individual partners from UOB, have all contributed to the funding process.
According to the foundation’s announcement, the funds from the recent investment round will solely be allocated towards advancing strategic expansion plans and fostering ecosystem growth within the Fantom network.
As an analyst on our team, I’m committed to examining the potential implications and enhancements that the Sonic chain could bring to various DeFi and real-world scenarios. Industries and applications such as asset representation in the real world, decentralized perpetual exchanges, payment systems, trading platforms, and high-transaction games are ripe for transformation through Sonic’s remarkable speed and impressive transaction capacity.
FTM Faces Potential Downtrend Continuation
In spite of these advancements, the FTM token has shown a subdued reaction to the successful financing event and the prospective advantages of the Sonic network.
The token’s value has dropped by more than 4% in just 24 hours, threatening the existing support for the native currency.
The current price of FTM’s token is at $0.8033. Its near-term outlook relies heavily on the significant support level of $0.7994. If this support is broken, the price could potentially drop further, with the next substantial support being at $0.755.
If the token’s price experiences a renewed surge in buying interest and gains momentum, it may encounter resistance at $0.844 and $0.8750 before attempting to reach the significant level of $1 once again. Reaching this milestone is crucial for maintaining a positive outlook for the token.
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2024-05-24 06:04