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The Fantom Foundation is committing up to 200 million FTM tokens to support the launch of Sonic, the network’s newest iteration.
In a new blog post, the Fantom Foundation says that its treasury is aiming to expedite the immediate adoption of decentralized apps (dApps) and other partners to the Sonic network.
Sonic is designed to be a high-throughput layer-1 chain with a native layer-2 chain linked to Ethereum (ETH).
The Fantom Foundation says that the allocation underscores its dedication to creating “a robust and dynamic platform and community.”
“Sonic’s ambition is nothing less than reinventing the future state of blockchain, empowering visionary creators of today to develop the decentralized applications of tomorrow, and enabling our community to actively co-create a vibrant, global cooperative ecosystem.
With strategic investments in top-tier infrastructure providers and cutting-edge on-chain tooling, we are poised to offer unparalleled support to developers and users alike. The forthcoming grants will empower both incumbent Fantom projects and leading applications native to the new Sonic network. This is the first of many initiatives we intend to launch in the lead-up to the launch of Sonic, a new network capable of up to 200 million transactions a day, redefining the limits of the industry.
We invite you to join us on this journey as we lay the foundation for this ecosystem and participate in the rise of Sonic.”
The Foundation says that the first step of the allocations is to “prioritize strategic grants for applications from within the current Fantom ecosystem and identify the leading applications that have shown interest in the Sonic technology.”
At time of writing, FTM is trading at $0.58.
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Featured Image: Shutterstock/houchi
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