The non-profit organization Fantom Foundation will create structures Sonic Foundation and Sonic Labs in anticipation of the launch of the Sonic blockchain.
🚀 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, 2024The new network will be able to process 2,000 transactions per second (TPS).
The Sonic Foundation will handle management and treasury, while Sonic Labs will focus on developing decentralized applications for the ecosystem.
The transaction completion time in Sonic will be half a second. The system is positioned as the next stage of the Opera network from Fantom.
The tokens will have a $S ticker, they can be exchanged for FTM in a 1:1 ratio.
The Fantom Foundation has closed a $10 million strategic funding round led by Hashed aimed at supporting the Sonic Foundation. UOB Ventures, Signum Capital, Softbank, Aave Foundation, Stani Kulechov, Robert Leshner, Mikhail Egorov and other participants of the crypto industry also participated in the campaign.
The funds will be used to support the growth and development of the ecosystem, as well as to attract users from Ethereum and second-tier networks.
Sonic will have an L2 bridge connected to the ether network, capable of processing large volumes of transactions. The Fantom Foundation previously stated that, in addition to the L1 blockchain, it plans to use the new system as a common sequencer, which will allow the simultaneous release of blocks for several rollups.
Work on Sonic will continue throughout 2024. The upgrade is scheduled for late summer or early autumn.
The FTM token is ranked 58th in terms of capitalization in the CoinGecko rating.
Earlier, CoinGecko analysts compared blockchains in terms of speed. The winner was Solana with a TPS of 1054. The corresponding Fantom indicator is 59.