Fantom Foundation Announces Establishment of Sonic Labs Innovation Fund

According to Odaily, the Fantom Foundation has announced the establishment of the Sonic Labs Innovation Fund. The foundation plans to invest up to 200 million FTM to attract more innovative mainstream dApp applications to migrate to the Sonic network. Sonic is set to be a brand new L1 chain, bridged to other chains such as Ethereum through native L2 cross-chain. Based on the results of the first governance vote, FTM holders will be able to migrate to Sonic's native token S on a 1:1 ratio at the time of Sonic's genesis. The Fantom Foundation has previously stated that it will allocate at least $100 million to support the development of Sonic.