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Fantom Foundation made an announcement about the launch of Sonic Network, the new L1 blockchain. According to the announcement, this network will be connected to Ethereum via a native cross-chain bridge and will be a significant development in blockchain technology.
Fantom (FTM) holders will have the opportunity to move their tokens into Sonic's native altcoin, S, at a 1:1 ratio.
According to the official Fantom forum, Sonic Network will offer more than just a new layer-1 chain. It will also feature a native layer-2 bridge connecting to Ethereum and beyond, offering users and decentralized applications (dApps) significantly improved performance compared to the existing Opera network.
Fantom Foundation reported that it has allocated hundreds of millions of FTM tokens from its treasury for the Sonic project. These funds will be used for marketing, business development, transition grants and other adoption initiatives.
The launch of Sonic Network will be accompanied by a series of management votes. Topics for these votes will include airdrops, liquidity, additional grants and more.
Following the announcement, the FTM price reacted positively and jumped from the $0.80 level, trading at $0.86 at the time of writing.
*This is not investment advice.