The Fantom Foundation has announced its commitment to supporting the launch of Sonic, a new and faster network, by allocating up to 200 million of its native Fantom tokens, amounting to approximately $120 million, from its treasury. The funds will be used to identify and secure partnerships with top-tier developers and companies capable of contributing to the growth and development of the Sonic network. The move follows the establishment of the Sonic Foundation, responsible for overseeing Sonic’s governance, managing the network treasury, fostering partnerships, and nurturing the DApp ecosystem. The Sonic Chain will introduce a new layer-1 solution alongside a built-in layer 2 that facilitates seamless integration with the Ethereum network. The commitment to support project migrations to Sonic is not the first instance of the Fantom Foundation providing incentives. In May, the Fantom network set aside $6.5 million worth of its native tokens to incentivize developers, emphasizing the concept of “safer memecoins.” Additionally, earlier this year, Fantom Network announced a 90% reduction in validator requirements, taking the assets needed to run a self-staking node to 50,000 FTM from 500,000 FTM. The move made it more accessible to run a Fantom node as the company stresses decentralization and the positive impact it would have on the overall network.
