The Fantom Foundation, known for the Fantom Decentralized Network, has made a significant financial commitment to support the launch of Sonic, a new and faster network.
200 million Fantom tokens reserved
On June 20, the Fantom Foundation announced that they are reserving up to 200 million of their native Fantom tokens, worth approximately $120 million, from their treasury. This amount is intended to help developers and companies move their projects to Sonic.
The reserved funds will be used to attract and secure first-class partners who can contribute to building and growing the Sonic Network. These partners include developers who create applications directly on Fantom, as well as developers of decentralized apps (DAPPs) and providers of critical tools and services.
The money comes from smart financial strategies led by Andre Cronje, the creator of the Fantom Network, without increasing the total number of tokens.
Focus on providing strategic subsidies
The initial focus of these allocations will be on providing strategic grants to applications already operating within the Fantom ecosystem, with priority given to those that have shown strong interest in using Sonic technology.
This development follows the creation of a new foundation to facilitate the launch of the upcoming Sonic chain. Fantom’s Sonic Foundation will oversee Sonic’s governance, manage the network treasury, orchestrate partnerships and develop the DAPP ecosystem.
New layer 1 solution with Sonic
According to Michael Kong, CEO of Fantom Foundation, and the Fantom Development Team, Sonic offers a new Layer-1 solution with a built-in Layer 2 that directly connects the EVM-compatible network to the Ethereum network. This allows Sonic Network users to take advantage of Ethereum’s extensive ecosystem of decentralized applications, liquidity providers, and communities.
This isn’t the first time the Fantom Foundation has offered such incentives. In May, the Layer-1 Blockchain Fantom pushed the idea of “Safer Memecoins” by setting aside $6.5 million of their native token to reward developers.
In addition, the “Gas Monetization Program”, a new initiative of the Fantom Opera Network Team, was launched in May 2023. This program pays developers the gas costs their users generate, with eligible developers receiving 15% of the total gas costs their apps generate.
Source: https://newsbit.nl/fantom-foundation-zet-120-miljoen-opzij-voor-lancering-van-sonic-network/
