Fantom Foundation allocates $120M in FTM tokens for accelerating Sonic migration

Fantom Foundation’s recent announcement keep FTM prices afloat Bitcoin lost foot beneath $64K on Friday.

On 20 June, Fantom Foundation announced optimistic moves to back the launch of the Sonic network.

The organization revealed plans to allocate 200M FTM coins (worth about $120 million) to fund firms and developers to migrate their projects to the new & faster Sonic platform.

💸 Announcing: Sonic Labs Innovator Fund

We're committing up to 200,000,000 FTM to accelerate partner migration for the #Sonic launch!

🤝 The fund complements our 100M+ $S airdrop and will attract an influx of innovative dApps to Sonic.

Learn more 👇https://t.co/KnFJMm8DDr pic.twitter.com/zihVJWBw3Q

— Fantom Foundation (@FantomFDN) June 20, 2024

The fund will help secure reputable partners to bolster the building and growth of the Sonic network.

The collaborators will feature Dapp developers, creators building apps on the Fantom blockchain, and players offering essential services and tools.

Meanwhile, Fantom creator Andre Cronje orchestrated the funding using ‘smart’ strategies that didn’t involve increasing FTM supply.

The allocations will initially prioritize applications within the Fantom blockchain, focusing on those interested in the Sonic technology.

The innovator fund comes after the organization formed the FTM Sonic Foundation to smoothen the upcoming Sonic network launch.

Besides overseeing Sonic management, Fantom’s Sonic Foundation will organize partnerships, improve the Dapp environment, and handle the platform’s treasury.

Sonic details

Fantom developers and CEO Michael Kong confirmed that Sonic will include a layer1 solution and a layer2 that connect the EVM-attuned platform to the Ethereum blockchain.

Sonic Chain users will capitalize on Ether’s massive network of dApps, community, and liquidity providers.

Meanwhile, Fantom Foundation has displayed dedication to enhancing its ecosystem.

The layer1 blockchain allocated FTM coins worth $6.5 million in May to incentivize developers and magnify security in the altcoin market.

Moreover, Fantom introduced a fee monetization program in May last year, allowing creators to earn cash from user transaction fees.

🚀Fantom rewards devs with 15% of gas fees! Lowered burn rate 🔥from 20% to 5%. Critics fear gas fee dependency, but this move aims to support $FTM network & devs.👩‍💻💰😉 #blockchain #cryptonewshttps://t.co/vJwq4MAMgQ pic.twitter.com/QbuIOVPTwY

— Chain Review (@Chain_Review) May 29, 2023

The package pays qualified developers 15% of the transaction fees collected from the applications.

FTM price outlook

Fantom (FTM) remained green over the past day even as Bitcoin plunged, gaining over 9% from $0.5392 to $0.5865 at press time.

FTM price displayed bullish momentum, and Bitcoin’s ongoing rebound could extend the gains in the upcoming sessions.

Bitcoin trades at $64,135 at press time, up 0.60% on its hourly chart. However, sudden bearish action by the leading crypto will likely weaken Fantom’s upward impetus.

Meanwhile, continued efforts to support developers, including AI integrations, positions the Fantom ecosystem and FTM for solid long-term growth.

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