Fantom announced Sonic, a new chain described as a layer‑1 that connects to Ethereum via a layer‑2 bridge to access ETH and other assets while offering low cost, high scalability and speed. The project will introduce a native token called S and a governance vote approved a 1:1 migration path from FTM to S. Fantom said the Sonic launch will coincide with creation of the Sonic Foundation to handle governance and treasury and Sonic Labs to drive dApp growth, partnerships and user adoption. The team positions Sonic to support high‑throughput use cases including real‑world assets, perpetual DEXs, payments, trading and transaction‑heavy games. Fantom has also completed a fresh financing to support the Sonic effort, as described in its announcement. Fantom Foundation is a Seoul, Korea-based blockchain platform developing a DAG-based smart contract protocol. The platform is designed to process up to 300,000 transactions per second at nearly no cost, enabling faster cryptocurrency transactions than traditional payment systems like Visa and Mastercard. Fantom intends to use the $40M it raised to build and advance its platform. Its DAG-based protocol aims to enable businesses and consumers to execute everyday transactions more rapidly across all sectors. Backers named in the raise include Hyperchain Capital, Signum Capital, 8Decimal, Arrington XRP Capital, Bibox Fund, Link VC, Nirvana Capital and JRR Crypto. The funding was reported by FinSMEs on 22/06/2018.

Total raised

$50M

Funding rounds

2

Latest round

Equity

Latest activity

May 2024