DeFi
Fantom Foundation invests $120 million in Sonic blockchain
The Fantom Foundation has allocated 200 million Fantom tokens, worth approximately $120 million, to support the development and expansion of Sonic, a new blockchain network.
Announced Thursday, the investment aims to attract developers and their projects to Sonic, which promises increased speed and efficiency.
The funds, obtained without increasing the token supply, will focus on strategic partnerships and grants, particularly for applications in the Fantom ecosystem ready to integrate advanced Sonic technology.
This investment is expected to transform the landscape of decentralized applications (DApps) by connecting Ethereum’s network, driving innovation and expanding access to DeFi.
The Fantom Foundation’s strategy aims to consolidate its presence in the DeFi market, offering incentives to transition to Sonic and providing a layer 1 solution with an Ethereum compatible layer 2.
This architecture is expected to provide users with a wider selection of DApps, more liquidity options, and a broader community, while maintaining Ethereum Virtual Machine (EVM) compatibility.