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Fantom‘s funding allocation, which was carried out without increasing the total number of tokens through smart financial strategies managed by Fantom network creator Andre Cronje, was made to support the development of Sonic.
The Fantom Foundation announced that it has allocated 200 million native Fantom tokens (worth approximately $120 million) from its treasury to support the launch of a new, faster network called Sonic. This announcement was made on June 20 and stated that financial support would be provided for developers and companies that will transition to the Sonic network.
Use of Funds
The allocated funds will be used to find and secure the best partners to build and grow the Sonic network. These partners will include developers building applications directly on Fantom, those developing decentralized applications (DApps), and partners providing vital tools and services.
Primarily, strategic grants will be provided to applications that show a strong interest in using Sonic technology and are already in the Fantom ecosystem.
Sonic Foundation
This development follows the establishment of a new foundation created to facilitate the launch of the Sonic chain. Fantom’s Sonic Foundation will oversee Sonic’s governance, manage the network treasury, coordinate partnerships and develop the DApp ecosystem.
According to Fantom Foundation CEO Michael Kong and the Fantom development team, Sonic will have a new layer-1 solution and a built-in layer-2 solution that directly connects the EVM-compatible network to the Ethereum network. Thanks to this architecture, users of the Sonic network will have access to Ethereum’s extensive ecosystem of decentralized applications, liquidity providers, and communities.
Fantom’s Promotion History
This isn’t the first time the Fantom Foundation has provided incentives for a cause. In May, layer-1 blockchain Fantom promoted the idea of “safer memecoins” by allocating $6.5 million worth of native FTM tokens to reward developers.
Additionally, in May 2023, a new Fantom Opera network team program called the “Gas Monetization Program” was launched to pay developers for the gas fees they generate from their users. The program promises to pay eligible developers 15% of the total gas fees their apps generate.
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