The Phantom Foundation is committing up to 200 million FTM tokens to support the launch of Sonic, the latest version of the network.
In a new blog post, the Phantom Foundation said the Treasury aims to foster immediate adoption of decentralized apps (dApps) and other partners on the Sonic Network.
Sonic is designed as a high-throughput layer 1 chain with a native layer 2 chain connected to Ethereum (ETH).
The Phantom Foundation says the allocation highlights Phantom’s commitment to creating “strong, dynamic platforms and communities.”
“Sonic’s ambition is to reinvent the future state of blockchain, empowering today’s visionary creators to develop tomorrow’s decentralized applications, and empowering our community to actively co-create a vibrant, global collaborative ecosystem.
Through strategic investments in best-in-class infrastructure providers and cutting-edge on-chain tools, we are poised to provide unparalleled support to both developers and users. The upcoming grant will power both existing Fantom projects and key applications on the new Sonic network. This is the first of many initiatives we are launching ahead of the launch of Sonic, a new network capable of processing up to 200 million transactions per day, redefining the boundaries of the industry.
We invite you on this journey to lay the foundation for this ecosystem and participate in the rise of Sonic.”
The foundation says the first step in the allocation is to “prioritize strategic grants to applications within the current Phantom ecosystem and identify key applications that have shown interest in Sonic technology.”
As of this writing, FTM is trading at $0.58.
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