Fantom Foundation commits $120 million in FTM tokens to support the launch of the Sonic network.
Sonic Foundation oversees governance and partnerships for the Sonic network.
The Fantom Foundation has allocated 200 million FTM tokens, valued at approximately $120 million, to the Sonic Labs Innovator Fund. This initiative aims to support projects migrating to the new Sonic network, a Layer-1 blockchain with a Layer-2 bridge connected to Ethereum, offering ultra-fast transactions. Notably, the fund was generated by Fantom network creator Andre Cronje through strategic financial management, ensuring no increase in the total FTM token supply.
The $120 million fund is designed to attract key partners, including decentralized application (dApp) developers and infrastructure providers, to build on the Sonic network. Additionally, the Fantom Foundation aims to integrate developers from the existing Fantom ecosystem into Sonic.
This move is part of a broader strategy to rejuvenate the network,

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