Fantom Foundation Establishes Sonic Labs Innovator Fund, Will Invest Up to 200 Million FTM

Odaily News According to official news from the Fantom Foundation, the Fantom Foundation announced the establishment of the Sonic Labs Innovator Fund, which will invest up to 200 million FTMs to attract more innovative mainstream dApp applications to migrate to the Sonic network. According to previous reports by Odaily, Sonic will be a brand new L1 chain, and will be bridged to chains such as Ethereum through native L2 cross-chain. According to the results of the first governance vote, FTM holders will be able to migrate to Sonic's native token S at a 1:1 ratio when Sonic is created. The Fantom Foundation has stated that it will allocate at least $100 million to support the development of Sonic.