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

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