Fantom (FTM), a Directed Acyclic Graph (DAG) protocol, has announced significant updates related to its Sonic Network.
Fantom (FTM), a Directed Acyclic Graph (DAG) protocol, has hinted at two significant improvements that are close to its Sonic Network. These updates have been teased for the wider community.
Fantom Floats Sonic Token, Labs and Foundation
According to the parent protocol that was disclosed by the Foundation, it was stated that the Sonic Labs and Sonic Foundation organizations would be launched together.
We have assigned specific duties to these organizations to achieve the overarching objective of increasing the usefulness of the Sonic Network in the Web3 world. The disclosed information indicates that Sonic Labs will oversee the development and growth of decentralized applications (DApps) connected to Sonic.
According to Michael Kang, the Chief Executive Officer of the Foundation, “The launch of the Sonic network will coincide with the introduction of the Sonic Foundation, which will be responsible for the governance and treasury management functions of the networks, as well as Sonic Labs, which will now drive growth among decentralized applications (dApps), partnerships and users.
“Fantom has been diligently developing a unique engine, known as Sonic Network, for quite some time. Fantom developed the protocol to maintain complete compatibility with the Ethereum Virtual Machine (EVM) protocols.
According to the latest announcement, Sonic Network will also acquire its own native token, symbolized by the letter ‘S’. The protocol just carried out a governance vote that confirms the one-to-one correlation between the S token and Fantom’s FTM.
Users and holders of FTM will benefit from this because it will make interoperability or transaction boosts easier to achieve. According to the current status of the Sonic Network by the Fantom Foundation, the protocol is gradually approaching the point where it can sustain itself independently.
Bootstrapping Sonic Network With Funding
The Fantom ecosystem plans to initiate a ten million dollar funding round to accelerate the growth of the Sonic Network. According to reports, Hashed was the one who led this latest fundraising.
There were additional angel investors, Stani Kulechov, Robert Leshner, Michael Egorov, Fernando Martinelli, Tarun Chitra, Sam Kazemian, and individual partners from UOB, who participated in the Sonic Funding.
Other investors that contributed to the funding were UOB Ventures, Signum Capital, and the Aave Foundation.Kang stated that Sonic is prepared to test expansion strategies within its ecosystem now that it has received this funding injection.
In the grand scheme of things, Sonic’s independence could also help boost Fantom’s significance as both Sonic and Fantom find new ways to take a larger piece of the developer-focused ecosystem.