The Fantom Foundation has launched the Sonic Foundation and Sonic Labs, driving forward their innovative Sonic chain in tandem with FTM Price. This next-generation blockchain aims to connect with Ethereum via a layer-2 solution, promising faster speeds and tighter security
Fantom is trading at $0.806, up +1% on the news. Here’s what you should know if you want to buy an FTM bag.
After breaking through strong resistance days ago, Fantom still looks set for a retest of that level
If FTM successfully retests and holds this level, it could be poised to rise to its local resistance of $1.05
Of course this will rely on Bitcoin holding key levels also pic.twitter.com/edTmLNWCQh
— Ijaz Awan (@realijazawan) May 24, 2024
Introducing the Sonic Foundation and Sonic Labs
The Fantom Foundation shared that these two new entities will be the main bodies supporting Sonic.
The Sonic Foundation will oversee the governance of the Sonic ecosystem and manage its treasury. Meanwhile, Sonic Labs will focus on fostering decentralized applications (DApps) and building a robust community around the Sonic network.
Fantom is rebranding to SONIC — and $FTM will become $S.
I like this a lot — the rebrand was sorely needed. All the 'haunted house' imagery and memories of Multichain needed to be left in the past.
The new tech deserved better. Now it's got it. $S is a great ticker. pic.twitter.com/UCLJeWVxuU
— Mark Jeffrey (@markjeffrey) May 18, 2024
Fantom Foundation CEO Michael Kong revealed the formation of the Sonic Foundation through a blog post on the blockchain network’s site. He highlighted the Sonic chain’s potential impact on many industries and applications.
“Our team is steadfast in exploring how the Sonic chain can impact and elevate a number of different DeFi and real-world use cases,” wrote Kong.
“Industries and applications such as real-world assets, perpetual DEXs, payments, trading, and high-transaction-based games, can be transformed by the speed and high throughput of Sonic,” he added.
Governance and New FTM Token $S
The Sonic Foundation is stepping up with governance, managing the treasury, and striking strategic partnerships. They’re also pushing DApp development on the Sonic network.
Fantom Foundation’s press release reveals the Sonic chain 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: Bridging Ethereum with Superior Performance
The new Sonic chain aims to connect seamlessly with the Ethereum network via a built-in layer-2 bridge. This design allows for independent fund withdrawal on Ethereum and will generate proofs for every asset bridged from Ethereum to Sonic.
“Sonic will have the ‘ability to withdraw funds on Ethereum independently,’ and will generate a proof ‘for every asset bridged from Ethereum to Sonic chain,'” Kong told CoinDesk.
Kong further emphasized Sonic’s advantages over the existing Fantom chain.
“Sonic will be greatly superior in terms of speed and security compared to the Fantom chain. Over time, we anticipate that users and developers will fully migrate to the Sonic chain,” he added.
The Bottom Line: A New Era for Fantom
Is Sonic the next Solana? It’s too soon to tell, but Fantom desperately needed a rebrand, and this new upgrade will do 10,000 tps.
1/ Meme Season offers up to 10M $sFTMx, highlighting top memecoins on Opera and our upcoming #Sonic chain.
💎 To increase the number of memecoins participating, here's a thread to help you launch your own token using the best platforms on #Fantom.
Start your memecoin journey 👇 pic.twitter.com/MqTeuHo2RK
— Fantom Foundation (@FantomFDN) May 24, 2024
Crypto influencer Mark Jeffrey thinks it can even do 20,000. There’s no final launch date, but within the next two months, it will be a big new player in crypto.
EXPLORE: How to Buy Ethereum And Capture Biggest Gains from ETH ETF approval?
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
