The Fantom Foundation has announced that it will allocate up to 200 million FTM tokens to support the launch of Sonic, the latest version of the network. According to a recent blog post, the foundation’s treasury is focused on accelerating the immediate adoption of decentralized apps (dApps) and other partners for the Sonic network. Sonic is a high-throughput layer-1 chain with a native layer-2 chain connected to Ethereum (ETH). The foundation emphasizes that this allocation demonstrates its commitment to creating a strong and dynamic platform and community.

The foundation states, “Sonic’s goal is to completely reinvent the future of blockchain, empowering today’s visionary creators to develop the decentralized applications of tomorrow, and enabling our community to actively participate in creating a vibrant, global cooperative ecosystem. With strategic investments in top-tier infrastructure providers and cutting-edge on-chain tools, we are well-positioned to provide unparalleled support to developers and users alike. The upcoming grants will empower both existing Fantom projects and leading applications native to the new Sonic network. This is the first of many initiatives we plan to launch leading up to the release of Sonic, a new network capable of handling up to 200 million transactions per day, pushing the boundaries of the industry. We invite you to join us on this journey as we lay the groundwork for this ecosystem and take part in the rise of Sonic.”

The foundation notes that the first step of the allocation is to “prioritize strategic grants for applications within the current Fantom ecosystem and identify the leading applications that have shown interest in Sonic technology.” At the time of writing, FTM is trading at $0.58. To stay updated, subscribe to get email alerts delivered directly to your inbox and follow on X, Facebook, and Telegram.