Solana
Fantom launches Sonic Foundation and Sonic Chain: the next Solana? –
The Fantom Foundation launched the Sonic Foundation and Sonic Labs, advancing their innovative Sonic channel in tandem with FTM Price. This next generation blockchain aims to connect to Ethereum via a layer 2 solutionpromising faster speeds and tighter security
Fantom is trading at $0.806, up +1% following the news. Here’s what you need to know if you want to buy an FTM bag.
After breaking through strong resistance a few days ago, Fantom still seems ready to retest this level.
If FTM successfully retests and holds this level, it could be close to reaching its local resistance at $1.05.
Of course, this will also depend on Bitcoin maintaining key levels. pic.twitter.com/edTmLNWCQh
– Ijaz Awan (@realijazawan) May 24, 2024
Introducing the Sonic Foundation and Sonic Labs
The Fantom Foundation has indicated that these two new entities will be the main organizations supporting Sonic.
The Sonic Foundation will oversee the governance of the Sonic ecosystem and manage its treasury. Meanwhile, Sonic Labs will focus on promoting decentralized applications (DApps) and build a strong community around the Sonic network.
Fantom becomes SONIC – and $FTM will become $S.
I really like this – the rebranding was absolutely necessary. All the “haunted house” images and memories of Multichain had to be left in the past.
The new technology deserved better. Now it’s understood. $S is a great ticker. pic.twitter.com/UCLJeWVxuU
-Mark Jeffrey (@markjeffrey) May 18, 2024
Fantom Foundation CEO Michael Kong revealed the creation of the Sonic Foundation through a blog post on the blockchain network website. He highlighted the potential impact of the Sonic chain on many industries and applications.
“Our team is committed to exploring how Sonic Chain can impact and elevate a number of different DeFi and real-world use cases,” Kong wrote.
“Industries and applications such as real-world assets, perpetual DEXs, transaction-heavy payments, trading, and gaming can be transformed by the speed and high throughput of Sonic,” he said. added.
Governance and the new FTM$S token
The Sonic Foundation strengthens its governance, manages treasury and enters into strategic partnerships. They are also pushing DApp development on the Sonic network.
The Fantom Foundation press release reveals that the Sonic Channel will launch this year with its own token, $S.
This new token will be 1:1 compatible with $FTM thanks to a recent governance vote.
Sonic Chain: Connecting Ethereum with Superior Performance
The new Sonic Chain aims to seamlessly connect to the Ethereum network via an integrated Layer 2 bridge. This design allows for independent withdrawal of funds on Ethereum and will generate proofs for each asset bridged from Ethereum to Sonic.
“Sonic will have the ‘ability to independently withdraw funds on Ethereum’ and will generate proof ‘for each asset bridged from Ethereum to the Sonic chain’,” Kong told CoinDesk.
Kong further highlighted Sonic’s advantages over the existing Fantom channel.
“Sonic will be vastly superior in terms of speed and security compared to the Fantom chain. Over time, we expect users and developers to fully migrate to the Sonic Channel,” he added.
The bottom line: a new era for Fantom
Is Sonic the next Solana? It’s too early to tell, but Fantom desperately needed a rebrand, and this new upgrade will do 10,000 tps.
1/ Meme Season offers up to 10M $sFTMxhighlighting the best memecoins on Opera and our upcoming #Sonic chain.
💎 To increase the number of participating memecoins, here is a thread to help you launch your own token using the best platforms on the market. #Ghost.
Start your memecoin journey 👇 pic.twitter.com/MqTeuHo2RK
– Fantom Foundation (@FantomFDN) May 24, 2024
Crypto influencer Mark Jeffrey thinks he can even make 20,000. There is no firm launch date, but in the next couple of months he will become a big new player in the crypto space.
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Warning: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose your entire capital.