The Fantom Foundation, the organization behind the decentralized network Fantom, recently announced the creation of a new fund to launch their new Sonic network. 🚀

On May 23, Fantom Foundation CEO Michael Kong announced the new fund on the blockchain network's blog. Kong wrote: “Our team is diligently researching how Sonic can impact and improve various DeFi and real-world use cases.

The new Sonic fund will be responsible for managing the Sonic network, managing the network treasury, organizing partnerships and developing the DApp ecosystem.

Sonic will consist of a new Layer 1 solution and an embedded Layer 2 that directly connects the EVM-compatible network to the Ethereum network.

Users of the new Sonic network will be able to leverage the vast Ethereum ecosystem, including decentralized applications, liquidity providers, and the community.