According to Odaily, Fantom Foundation is set to establish a new foundation, the Sonic Foundation, to facilitate the launch of the upcoming Sonic Chain. The Sonic Foundation will be responsible for overseeing Sonic's governance, managing network funds, coordinating partner relationships, and developing the DApp ecosystem. The Sonic Chain will reportedly consist of a new Layer1 solution and an in-built Layer2, which will bridge EVM-compatible networks directly to the Ethereum network. With the architecture of the Sonic Chain, users of the soon-to-be-launched Sonic network will be able to leverage Ethereum's vast decentralized applications, liquidity providers, and community ecosystem.

The Fantom Foundation will establish a new foundation, the Sonic Foundation, to facilitate the launch of the upcoming new Sonic chain. The Sonic Foundation will be responsible for overseeing Sonic's governance, managing network funds, coordinating partnerships, and developing a DApp ecosystem. It is reported that Sonic will consist of a new Layer1 solution and a built-in Layer2 that can bridge EVM-compatible networks directly to the Ethereum network. Through the architecture of Sonic Chain, users of the upcoming Sonic network will be able to take advantage of Ethereum's vast ecosystem of decentralized applications, liquidity providers, and communities. (Cointelegraph)

Alongside the new entities, Fantom raised $10 million in a funding round that will go towards Sonic’s ecosystem development. source: https://www.coindesk.com/tech/2024/05/23/fantom-foundation-creates-sonic-foundation-labs-for-new-sonic-chain/?utm_medium=referral&utm_source=rss&utm_campaign=headlines

Fantom Foundation CEO Michael Kong said the project is preparing to launch its next-generation product, Sonic. Sonic promises 2,000 transactions per second (TPS) with sub-second finality and is expected to launch late this summer or early fall. The team also plans to leverage Sonic as a "shared sequencer" for other L1 and L2 chains. (The Block) Previously, Fantom Foundation CEO Michael Kong announced plans to propose a governance proposal, including: Developing a secure, minimal-trust bridge to enable native access to Ethereum. Simplified staking and liquid staking: Unlock staking lock time limits, igniting over $1 billion in liquid staking opportunities. Grant Program: Expanding the Sonic Labs grant program to support those working in areas such as gaming, DeFi, social media, streaming and now distributed artificial intelligence. Bonus Campaign: Provides a wide range of bonus campaigns for existing Opera network and new chain users. Superset introduction: Superset is planned to be enabled by the end of 2024 to further improve performance. Parallel FVM: Explore adding parallelization in Fantom virtual machines to improve performance. More details are planned to be shared in the coming weeks, including new partners, VC/angel investments, target industries and use cases, and audience engagement plans.

Fantom announced on its official blog that it will launch a new network to replace the previous Sonic open test network - the Sonic Builders test network. It is fully equipped with the tools developers need to launch dApps on Sonic technology, and the main functionality of the testnet dashboard that was opened in preparation for the mainnet launch will be retained, such as claiming tokens and performing swaps. At the same time, the official also launched a new incubator, Sonic Labs, to help developers build innovative dApps with unprecedented performance and prepare for the Sonic mainnet by deploying their dApps on the builder testnet.

Fantom stated on the X platform that the Sonic Open testnet is under development, and the team is using the required tools to enhance the testnet to enable developers to launch DApps on the network. The new developer testnet will be launched within 24 hours.

According to Foresight News, the Fantom Foundation has announced the launch of Sonic Labs, an accelerator program aimed at fostering innovation within its new Sonic technology stack. The program will select up to five projects, each receiving 1 million FTM (approximately $294,000) in funding, technical support, co-marketing, and mentorship, including guidance from Andre Cronje. Selected projects can begin building from December 15 and will be launched in sync with the Fantom Sonic mainnet in spring 2024. The program is open to all developers building new applications on Fantom technology, with evaluation criteria including vision and utilization of Sonic technology. The application deadline is February 6, 2024.

The Fantom Foundation announced the launch of the Sonic Labs Entrepreneurship Accelerator Program, which aims to promote innovation within Fantom's new Sonic technology stack and provide resources and support for the next generation of Web3 entrepreneurs. The program will select up to five projects and provide financial support of 1 million FTM (approximately $294,000) per project, as well as technical support, co-marketing and mentorship. The Fantom Foundation encourages applications from eligible projects, and developers can begin building projects on Sonic on December 15th. These projects will launch alongside the Fantom Sonic mainnet in spring 2024. The Sonic Labs program is open to all developers building new applications on Fantom technology, including GameFi, DeFi, and more. Competition judging criteria include vision, utilization of Sonic technology, target user base, uniqueness, positive impact on the Fantom network and users, and brand. The application deadline is February 6, 2024. (Prnewswire)