PANews reported on May 23 that the Fantom Foundation announced that the community has voted to approve its first proposal for the upcoming Sonic chain with a 99% approval rate. FTM will be compatible with Sonic's new token S, and will be exchanged 1:1 when it is released. The proposal states that Sonic will be a brand new L1 chain and will be connected to chains such as Ethereum through a native L2 cross-chain bridge.
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. Using the new bridge architecture, Sonic will provide users and DApp developers with performance that is superior to the existing Opera network. Fantom Operations Ltd promises to continue to provide validator support for Opera, and Sonic Operations Ltd provides support for Sonic. The Fantom Foundation will also allocate hundreds of millions of dollars of FTM from the treasury to support the development of the Sonic ecosystem, including marketing, business development, and migration grants.
The governance forum shows that community members have initiated a series of governance proposals on the Sonic network and are currently soliciting community feedback on proposed changes, plans, and initiatives. Upcoming proposals include: FTM to S compatibility, S token airdrop plan, Sonic growth plan, and validator rewards.
