The Fantom Foundation, the corporation behind the Fantom platform, has announced a financial commitment to help with the release of Sonic, a brand-new ultra-rapid network.
On June 20, the Fantom Foundation introduced that it is committing as much as two hundred million Fantom (FTM) tokens, really worth approximately $one hundred twenty million, to help developers and companies flow their tasks to Sonic as part of the Sonic Labs Innovator Fund.
About the budget
The budget can be used to find and secure companions who can assist in building and growing the Sonic network. These partners consist of builders creating apps immediately on Fantom, developers making decentralized applications (DApps) and companions imparting vital equipment and offerings.
His allocations will, first of all, focus on providing strategic offers to packages already within the Fantom atmosphere, with priority given to the ones who’ve verified a strong interest in making use of the Sonic era.
Sonic Foundation
This improvement follows the advent of a brand new foundation to facilitate the launch of the Sonic Chain. Fantom’s Sonic Foundation will oversee Sonic’s governance, manage the network treasury, orchestrate partnerships, and broaden the DApp atmosphere.
According to Fantom Foundation CEO Michael Kong and the Fantom development team, Sonic could have a new layer-1 solution and an integrated layer-2 that, without delay, bridges the Ethereum Virtual Machine-compatible network to Ethereum.
Through the Sonic Chain’s structure, Sonic users will reportedly be able to tap into Ethereum’s extensive environment of decentralized programs, liquidity companies, and community.
Fantom incentives history
This isn’t the first time Fantom Foundation has supplied incentives for projects. In May, it sponsored the idea of “safer memecoins” by placing apart $6.5 million of FTM tokens to reward developers.
In May 2023, a brand new Fantom Opera community crew program known as the “Gas Monetization Program” was released to pay builders the gas costs they generate from users. Specifically, this system can pay eligible builders 15% of the overall gas prices generated by their apps.
