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The Fantom Foundation creates the Sonic Foundation and Labs for the new Sonic Chain

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8 months ago

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The foundation behind the Fantom Opera layer 1 blockchain shared Thursday that it is forming the Sonic Foundation and Sonic Labs as the lead bodies supporting Sonic, a new layer 1 blockchain with a layer 2 bridge that connects to Ethereum.

Fantom Opera is an autonomous network that focuses on decentralized finance, while the new Sonic chain should connect the Ethereum ecosystem with a layer 2 bridge. Sonic will have the “ability to withdraw funds to Ethereum independently” and will generate proof “for every asset connected from Ethereum to the Sonic chain,” said Michael Kong, CEO of the Fantom Foundation, in an email to CoinDesk.

Sonic will be “significantly superior in speed and security to the Fantom chain. Over time, we expect users and developers to fully migrate to the Sonic chain,” Kong added.

According to a press release from the Fantom Foundation, the Sonic Foundation will be responsible for the governance of the Sonic ecosystem and its treasury. Sonic Labs will focus on decentralized applications and community for the Sonic network.

The Fantom team also shared that once the Sonic chain goes live, expected this year, the network will have its own native token, $S, “which will be 1:1 compatible with Fantom’s existing $FTM token after a recent governance vote codifying the interoperability of the two tokens.”

In addition to the news on Sonic’s new entities, Fantom shared that it has closed a $10 million funding round led by Hashed, which will go toward growing Sonic’s ecosystem and product.

Sonic Foundation and Sonic Labs will not officially begin operations until the Sonic Chain is up and running.

“I am incredibly grateful to our investors for believing in our vision for Sonic and to our dedicated team for their hard work and commitment in ensuring a smooth rebranding process,” Kong said in the press release. “We will continue our legacy of effectiveness, transparency and loyalty to our community in this next phase of the protocol. “

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