The Fantom Foundation recently revealed its plans to create the Sonic Foundation and Sonic Labs in preparation for the launch of its Sonic blockchain.
In an announcement on Thursday, the organization expressed its commitment to leveraging its technology and revealed additional details about upcoming developments.
Phantom introduces the Sonic series
According to the institution Blog postwith the completion of the upgrade of their Opera series on the horizon, Fantom is turning its focus towards creating a new “high-yield” series called Sonic(S).
The introduction of the Sonic Network will coincide with the establishment of the Sonic Foundation, which will assume responsibility for governance and treasury management functions. Additionally, Sonic Labs will drive growth Decentralized applications (dApps), partnerships, and user engagement.
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Developed under the guidance of Professor Bernhard Schulz, a virtual machine developer, and led by decentralized finance (DeFi) expert Andre Cronje, Sonic Chain represents a new type of Layer-1 platform with a native Layer-2 bridge connected to the Ethereum (ETH) network.
Sonic Chain is said to be designed to serve as a layer-one solution connected to Ethereum via a network Second layer bridge. This integration is intended to allow Sonic to leverage Ethereum's liquidity, user base, and protocols.
As a result, the network will combine the benefits of a layer-one platform, such as affordability, scalability, and speed, with the security of a layer-2 bridge, providing access to native ETH and other assets on Ethereum.
$10 million raised in strategic funding round
Regarding the “S” token, the recent governance vote has ensured compatibility and migration between the FTM and S decentralized platform’s native token on a 1:1 basis.
Fantom also announced the successful completion of a $10 million strategic financing round led by Hashed, a Korean company. Cryptocurrency money. This Foundation's funding initiative is expected to expand further in the coming months.
In addition to Hashed, UOB Ventures, Signum Capital, Aave (AVE) Foundation, along with angel investors Stani Kulichov, Robert Leshner, Michael Egorov, Fernando Martinelli, Tarun Chitra, Sam Kazemian, and individual partners from UOB, provided support during the funding round.
The capital raised in the latest round of financing will be used exclusively to support strategic growth initiatives Ecosystem development Within the Phantom network, according to the organization’s statement, which concluded by saying:
Our team is steadfast in exploring how Sonic Chain can impact and advance many DeFi and real-world use cases. Industries and applications such as real-world assets, perpetual DEXs, payments, trading, and high transaction-based gaming can be transformed by Sonic's speed and high throughput.
FTM faces a possible continuation of the downtrend
Despite these developments, FTM symbol It showed a lackluster response to the successful funding round and the potential benefits of the Sonic series.
As a result, the token fell by more than 4% over a 24-hour period, putting a significant level of support for the native token at risk.
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The FTM token is currently trading at $0.8033, and the live forecast for the FTM token stops at the crucial support level of $0.7994. breach of this supports This could lead to a further decline in prices, with the next major support at $0.755.
On the other hand, if renewed bullish momentum emerges and buying pressure increases, the symbol could face resistance at the $0.844 and $0.8750 levels before retesting the key area at $0.9. Reclaiming the $1 mark remains pivotal to the overall outlook for the token.
Featured image from Shutterstock, chart from TradingView.com
