Fantom Foundation Creates Sonic Foundation, Labs for New Sonic Chain

The Fantom Opera represents a self-contained network specializing in decentralized finance. In contrast, the Sonic chain aims to connect Ethereum’s ecosystem through a layer-2 bridge. According to Michael Kong, CEO of Fantom Foundation, users will be able to independently withdraw funds from Ethereum on Sonic chain. Furthermore, Sonic will produce evidence for every asset transferred from Ethereum to its own chain.

According to Kong, Sonic is expected to significantly outpace and ensure greater security than the Fantom chain in the long run. It’s anticipated that both users and developers will eventually make the transition to using the Sonic chain instead.

In a recent press statement, the Fantom Foundation announced that Sonic Foundation will oversee the administration of the Sonic ecosystem, including its financial management. Meanwhile, Sonic Labs is tasked with developing decentralized applications and fostering the community for the Sonic network.

In addition to unveiling the latest developments regarding Sonic’s new offerings, Fantom announced that they had successfully completed a $10 million investment round, spearheaded by Hashed. The funds will be utilized for expanding Sonic’s infrastructure and enhancing its product line.

As aanalyst, I would put it this way: I won’t initiate collaborations between Sonic Foundation and Sonic Labs until the Sonic chain becomes fully operational.

In the press release, Kong expressed heartfelt appreciation towards our investors for trusting in Sonic’s vision and our team for their unwavering dedication and efforts in facilitating a seamless rebranding process. Moving forward, we remain committed to upholding our tradition of efficacy, transparency, and devotion to our community during this new phase of the protocol.