The Fantom Foundation has recently unveiled an exciting strategic development plan which includes the creation of the Sonic Foundation and Sonic Labs, in anticipation for the imminent launch of its Sonic blockchain.
The logistics of these fresh developments were described in detail in their Thursday announcement, expressing enduring commitment not only to be leaders in technology, but also to carry out a substantial and decisive step towards actualizing its next big push into the cryptocurrency world. The groundbreaking Sonic Chain is being established as the baton makes its pass from the ongoing upgrade of the Opera chain, nearing its completion.
On the other side of this development, the proposed Sonic (S) chain brings promise of a new and improved high-throughput blockchain tech, fanning a flame of fresh excitement in the cryptocurrency market.
Joining hands with the birth of Sonic Network is the formation of Sonic Foundation, charged with governance and treasury management roles. Aiding this would be Sonic Labs, tasked with the critical function of propelling the proliferation of decentralized applications (dApps), fostering partnerships and enhancing user engagement.
The Sonic chain’s architecture and development is principally guided by Professor Bernhard Scholz, an esteemed virtual machine developer, and spearheaded by Andre Cronje, an acknowledged expert in Decentralized Finance (DeFi). This new breed of Layer-1 platform would also include a Layer-2 bridge that is natively connected to the Ethereum (ETH) network.
Sonic was designed with the intention of fulfilling Layer-1 roles and twinning Ethereum through a Layer-2 bridge. An integration that aims to harness Ethereum’s liquidity, protocols and vast user base for Sonic.
This unique nexus will enable Sonic to amalgamate the merits of a Layer-1 platform, such as affordability, scalability, and speed, with the robust security that a Layer-2 bridge brings, opening the pathway for accessing native ETH and other assets on Ethereum.
One of the most defining events in Fantom’s recent history was the successful completion of a $10 million strategic funding round. Prestigious Korean cryptocurrency fund, Hashed, played a pivotal role in this fundraiser, securing necessary compatibility and migration between Fantom’s native token FTM and S on a one-to-one basis.
Joining the ranks of key contributors were UOB Ventures, Signum Capital, and Aave (AVE) Foundation. Angel investors Stani Kulechov, Robert Leshner, Michael Egorov, Fernando Martinelli, Tarun Chitra, and Sam Kazemian, and individual partners from UOB.
Investment accrued from this recent funding round will be dedicated to supporting strategic growth initiatives and ecosystem development within the Fantom network. The foundation remains true to its vision, steady in its quest to elevate the potential of the Sonic chain to transform various DeFi and real-world use cases. The speed and the high throughput of Sonic could revolutionize aspects of real-world assets, perpetual DEXs, payments, trading, and high-transaction-based games.
Despite such impressive developments, the FTM token seems to be in a potential downturn, witnessing over a 4% drop within a 24-hour window. The FTM token finds itself at the precarious precipice of $0.8033 mark. The token’s fate seems to hinge at the critical $0.7994 support level; a breach could potentially lead to further price declines, with the next significant support at $0.755.
However, if the winds shift and there is a surge in bullish momentum and augmented buying pressure, the token may find resistance at the $0.844 and $0.8750 levels, with hopes of retesting the key $0.9 zone. Achieving the $1 milestone remains pivotal for the token’s overall outlook.
