Phantom’s Sonic Network launches with tokens and $10 million in funding
Smart contract platform Fantom recently released Update from Sonic Network.
The Phantom Foundation has introduced two major initiatives: Sonic Labs and Sonic Foundation, Both are designed to improve the usability of Sonic Network on Web3.
Sonic Labs’ mission is to: Decentralized app (dApp) development and expansion Sonic-related. Meanwhile, the Sonic Foundation Oversees the governance of the network and manages its finances.
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Sonic Network, the protocol under development by Fantom, is designed to: Fully compatible with the Ethereum Virtual Machine (EVM) protocol. Also, the network Displays the default token with a $S ticker.
A recent governance vote resulted in the following conclusions: S Token maintains a 1:1 correlation with Phantom’s FTM. Simplifies interoperability and transaction efficiency for FTM holders. Phantom Foundation Sonic Network aims to be self-sufficient in the long term.
Michael Kong, CEO of the Phantom Foundation, said:
Industries and applications such as real-world assets, persistent DEX, payments, trading, and high-volume gaming can be transformed by Sonic’s speed and high throughput.
To accelerate the growth of Sonic Network, the Fantom ecosystem $10 million funding round. The round, led by Hashed, included contributions from UOB Ventures, Signum Capital, Aave Foundation, and angel investors including Aave CEO Stani Kulechov, Superstate CEO Robert Leshner, and Curve DAO founder Michael Egorov.
With significant funding and strategic initiatives, Sonic Network is well positioned to drive growth and innovation across the Fantom ecosystem and Web3.
Earlier this year, the Phantom Foundation was embroiled in a legal battle at Singapore’s High Court to declare the multichain foundation bankrupt and recover approximately $122 million lost due to the bridge exploit.
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