The Fantom Foundation recently received a resounding vote of confidence from its community with nearly unanimous approval (99%) for the first proposal regarding the upcoming Sonic network. However, this green light paves the way for the introduction of Sonic, a brand new layer-1 blockchain boasting its own native token, $S.
Fantom Community Approved The Sonic Proposal
According to Fantom’s post on social media account X (formerly twitter), the Fantom Foundation announced that its community has voted in favor of the first Sonic-related proposal, with a support rate of 99%. Meanwhile, the FTM token will be compatible with Sonic’s new token S and will be exchanged at a 1:1 ratio upon its release.
The arrival of Sonic signifies a major leap forward for the Fantom ecosystem. In addition, its designed to address the limitations of the existing Opera network, Sonic promises significantly faster transaction speeds and superior overall performance. Moreover, this positions Sonic to become a primary platform for future developments within the Fantom landscape.
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A key feature of the proposal involves the launch of the Sonic Network itself, a high-throughput blockchain that will operate alongside the current Opera network. However, this new network will be powered by its own native token, $S.
To ensure a smooth transition for existing Fantom users, the proposal includes a mechanism for FTM holders to migrate their tokens to the new $S token at a 1:1 ratio during the launch of the Sonic chain. Initially, this migration is expected to be a two-way street, allowing users to seamlessly swap between $FTM and $S. On the other hand, and in the long-term plan, however, anticipates a shift towards a one-way migration from FTM to $S.
Sonic is Fueling Growth
The Fantom Foundation has pledged its unwavering support for the Opera network. However, Fantom Operations Ltd will continue to dedicate validator resources to ensure the smooth operation of Opera for the foreseeable future. This commitment underscores the Foundation’s desire to provide users with a choice and a comfortable transition path as they explore the potential of the new Sonic network.
Furthermore, the Fantom Foundation is demonstrating its commitment to the long-term success of Sonic by allocating a significant portion of its treasury funds to fuel the development of the Sonic ecosystem. Meanwhile, this investment will be directed towards initiatives such as market development, business expansion, and the creation of migration grants to incentivize key Fantom developers to build on the Sonic network.
The successful passage of this initial proposal marks just the beginning of the journey for Sonic. The Fantom Foundation recognizes the importance of community involvement and will continue to empower its users through a series of upcoming governance votes. Moreover, these votes will provide the community with a platform to shape the future of Sonic by offering their input on a range of proposals, including airdrop programs, liquidity initiatives, and the allocation of additional grants. With the launch of Sonic and the active participation of its community, the Fantom ecosystem is poised for a period of significant growth and innovation.
The post Fantom Foundation’s Community Approves First Sonic Proposal With 99% Support first appeared on The VR Soldier.