The Fantom Foundation has allocated 200 million Fantom tokens, worth approximately US$120 million, to bolster the development and expansion of Sonic, a new blockchain network.
Announced on Thursday, the investment is designed to attract developers and their projects to Sonic, which promises increased speed and efficiency.
The funds, sourced without increasing the token supply, will focus on strategic partnerships and grants, especially for applications within the Fantom ecosystem ready to integrate Sonic’s advanced technology.
This investment is set to transform the decentralized applications (DApps) landscape by bridging to Ethereum’s network, driving innovation and broadening DeFi access.
The Fantom Foundation’s strategy aims to solidify its DeFi market presence, offering incentives for transitioning to Sonic and providing a layer-1 solution with an Ethereum-compatible layer-2.
This architecture is anticipated to grant users a broader DApp selection, more liquidity options, and a larger community, all while maintaining Ethereum Virtual Machine (EVM) compatibility.