Fantom Foundation introduces Sonic Foundation and Sonic Labs to support the development of Sonic (CRYPTO:SONIC), a new layer-1 blockchain with a layer-2 bridge to Ethereum (CRYPTO:ETH).

Sonic aims to enhance speed and security, allowing independent fund withdrawals from Ethereum and generating proof for bridged assets.

With governance and community focus, Sonic Foundation and Sonic Labs will oversee the ecosystem and decentralised applications for the Sonic network.

The $10 million funding round, led by Hashed, will contribute to Sonic's ecosystem growth and product development.

Sonic Foundation and Sonic Labs will commence operations upon the launch of the Sonic chain, aligning with Fantom's (CRYPTO:FTM) commitment to efficacy, transparency, and community loyalty.