Fantom raises $10M with its new Sonic blockchain

The Fantom project has completed a financing round of $10 million and is preparing to launch a new blockchain integrating a native layer 2 bridge connected to Ethereum and has its own own token.

Yesterday on X, the Fantom Foundation announced that its Sonic blockchain was on the launch pad and gave more information about this new network.

The launch of the Sonic network will coincide with the introduction of the Sonic Foundation, which will be responsible for the networks governance and cash management functions, as well as Sonic Labs, which will now drive the growth of dApps, partnerships and users,” reads its article.

Unveiled earlier this year, Sonic is a new Layer 1 blockchain that will connect to Ethereum via a Layer 2 bridge to enable the network “to leverage large amounts of liquidity, users and protocols”.

“This allows the network to combine the low cost, scalability and speed of a Layer 1 with the security of a Layer 2 bridge to access native ETH and other assets on Ethereum. As a result, the Sonic chain is not just an L1 or an L2: it’s the first chain of its kind to offer the best of both,” says the foundation.

🚀 Sonic is on the launch pad, and we’re excited to provide more details about our upcoming Sonic chain, $S token, and launch of a new strategic funding round.@MichaelFKong‘s latest blog post sheds more light on the new Sonic organization, slate of innovative new partners, and… pic.twitter.com/R4NHIwcUEX

– Fantom Foundation (@FantomFDN) May 23, 2024

The Sonic blockchain will also have its own native token named S. A recently approved governance vote guarantees compatibility and migration between the FTM token and S on a 1:1 basis, according to the announcement.

The Fantom Foundation also announced that it had raised a further $10 million in a funding round led by Hashed and including participation from UOB Ventures, Signum Capital and the Aave Foundation.

Our team is determined to explore how the Sonic Channel can impact and elevate a number of different, real-world DeFi use cases. Industries and applications such as real-world assets, perpetual DEX, payments, trading and games based on many transactions can be transformed by Sonic’s speed and high throughput,” the project concludes.

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