The Fantom Foundation shared Monday that its third proposal for its upcoming Sonic Chain has been approved, a key milestone for the governance ecosystem. This is a big win for developers, infrastructure providers, and marketing partners, all working to build a thriving Sonic ecosystem.
What the Approval Means to the Sonic Community
The proposal introduces a fresh tokenomics approach that complements the 200 million FTM token allocation to the Sonic Labs Innovator Fund. The aim is to ensure long-term success for the Sonic ecosystem.
Over the next six years, the Sonic Foundation will allocate new S tokens to fuel Sonic Labs’ initiatives. These initiatives target key areas like Decentralized Applications (dApps), business development partnerships, and user acquisition, both existing and new users.
📣 Governance News 📣
Our 3rd proposal for the upcoming #Sonic chain has PASSED!
Funding for ecosystem grants, marketing, partnerships, and innovative programs like Sonic Spark and Sonic University are now on the horizon! 🚀
Learn more 👇https://t.co/tYvADpQC4F pic.twitter.com/u5R8sG9ZOC
— Fantom Foundation (@FantomFDN) July 1, 2024
The proposal also elaborates on Sonic Spark and Sonic University; two key programs designed to empower the next generation of blockchain enthusiasts.
Sonic Spark empowers Web3 innovators by offering native builder grants. It covers a wide range of areas, including DeFi, gaming, SocialFi, NFTs, and more. Chosen partners will benefit from Sonic funding, alongside additional grants and credits from industry leaders like Google Cloud and Alchemy.
On the other hand, Sonic University will equip students at select universities with the resources and knowledge they need to become the next generation of blockchain pioneers. Students will be allowed to build cutting-edge DeFi, SocialFi, and gaming dApps on the Sonic chain.
Relevance of Sonic Chain
Developed by Professor Bernhard Scholz, the Sonic Chain is a new Layer-1 chain with a native Layer-2 bridge connected to Ethereum (ETH). This allows the network to combine the low cost, scalability, and speed of Layer 2 with the security of a Layer 1 bridge. This helps grant access to ETH and other assets on Ethereum. Consequently, Sonic chain represents the first of its kind to provide the best of both Layer 1 and 2.
Key areas such as RWA, payments, and trading, stand a chance to benefit from Sonic’s speed and high throughput. With the imminent launch of Sonic, Fantom is positioning itself to be a more globally recognized protocol.
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