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Fantom Launches Sonic Foundation and Sonic Chain: The Next Solana?

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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.

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 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.

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.

Isaiah McCall is an ultramarathon runner and journalist for 99Bitcoins.

View all Posts by Isaiah Mccall

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