The non-profit Fantom Foundation is set to establish Sonic Foundation and Sonic Labs ahead of the launch of the Sonic blockchain.
? Sonic is on the launch pad, and we’re excited to provide more details about our upcoming Sonic chain, $S token, and launch of a new strategic funding round.@MichaelFKong‘s latest blog post sheds more light on the new Sonic organization, slate of innovative new partners, and… pic.twitter.com/R4NHIwcUEX
— Fantom Foundation (@FantomFDN) May 23, 2024
The new network will be able to process 2000 transactions per second (TPS).
Sonic Foundation will handle governance and treasury, while Sonic Labs will focus on developing decentralized applications for the ecosystem.
The transaction finalization time in Sonic will be half a second. The system is positioned as the next stage of Fantom’s Opera network.
The tokens will have the ticker $S and can be exchanged for FTM at a 1:1 ratio.
Fantom Foundation closed a strategic funding round of $10 million led by Hashed, aimed at supporting Sonic Foundation. The campaign also saw participation from UOB Ventures, Signum Capital, Softbank, Aave Foundation, Stani Kulechov, Robert Leshner, Mikhail Egorov, and other crypto industry players.
The funds will be directed towards supporting the growth and development of the ecosystem, as well as attracting users from Ethereum and layer-two networks.
Sonic will feature an L2 bridge connected to the Ethereum network, capable of handling large transaction volumes. Fantom Foundation previously stated that in addition to the L1 blockchain, it plans to use the new system as a universal sequencer, allowing for simultaneous block production for multiple rollups.
Work on Sonic will continue throughout 2024. The upgrade is scheduled for late summer or early autumn.
The FTM token ranks 58th by market capitalization on CoinGecko.
Earlier, analysts from the service compared blockchains by speed. Solana emerged as the winner with a TPS of 1054. Fantom’s corresponding figure is 59.