Fantom (FTM) introduces Sonic Labs and Sonic Foundation, entities aimed at enhancing the utility of the Sonic Network within the Web3 space.
To drive growth in the Sonic Network, Fantom announces a $10 million funding program, led by Hashed and joined by prominent investors like UOB Ventures and Signum Capital.

Fantom (FTM), a Directed Acyclic Graph (DAG) protocol, has unveiled two significant updates related to its Sonic Network, signaling a strategic move within the broader community.

According to the Fantom Foundation, the protocol is introducing Sonic Labs and Sonic Foundation. These entities are tasked with distinct roles but share the overarching objective of enhancing the utility of the Sonic Network in the realm of Web3.

Sonic Labs will spearhead the development and expansion of Decentralized Applications (DApps) linked to Sonic. Meanwhile, the Sonic Foundation will oversee the network’s governance and Treasury Management, as reported by Crypto News Flash. Speaking on the development, Michael Kang, the CEO of the Fantom Foundation said:

The launch of the Sonic network will coincide with the introduction of the Sonic Foundation, which will be responsible for the networks’ governance and treasury management functions, as well as Sonic Labs, which will now drive growth among dApps, partnerships, and users.

The Sonic Network represents Fantom’s long-standing innovation, designed to integrate with Ethereum Virtual Machine (EVM) protocols seamlessly. A recent announcement reveals that the Sonic Network will introduce its native token, identified by the ticker ‘S’.

In a recent governance decision, the protocol has established a 1:1 correlation between the S token and Fantom’s native FTM token. This alignment facilitates smoother interoperability and transaction enhancement for FTM holders and users. With this initiative, the Fantom Foundation positions the Sonic Network on a path toward self-sustainability.

Fantom Declares $10 Million Funding for Sonic

The Fantom ecosystem has initiated a $10 million funding program to stimulate growth in the Sonic Network. This funding round, spearheaded by Hashed, has attracted participation from notable entities such as UOB Ventures, Signum Capital, and the Aave Foundation, along with angel investors including Stani Kulechov, Robert Leshner, Michael Egorov, Fernando Martinelli, Tarun Chitra, and Sam Kazemian, alongside individual partners from UOB.

With this substantial investment, Kang, representing the Fantom ecosystem, expressed confidence in Sonic’s readiness to drive growth initiatives within its network. Furthermore, the newfound independence of Sonic is anticipated to bolster Fantom’s standing in the DeFi landscape as both platforms chart paths to expand their influence.

Despite the current development, Fantom’s native crypto FTM is trading at 1.79% down slipping under $0.80 as of press time. The weekly FTM price chart displays a bullish trajectory, marked by a significant breakout above the longstanding $0.60 horizontal resistance level, in place since May 2022.

FTM surpassed this resistance in February 2024 and subsequently confirmed it as support (indicated by the green icon) the following month, accompanied by a notable rebound, evident in the form of a long lower wick. The FTM trend is perceived as bullish as long as the price remains above this crucial zone.

Despite the decisively bullish price action, indicator signals present a mixed picture. While both the MACD and RSI hover above their respective bullish thresholds (0 for MACD and 50 for RSI), neither is displaying clear upward trends, with the MACD signaling a bearish cross.

The post Fantom (FTM) Announces New S Token and Funding for Sonic Network appeared first on Crypto Adventure.

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Filed under: Bitcoin - @ May 26, 2024 12:00 am