- Fantom and Sonic Labs announce a $200 million FTM Innovator Fund to boost dApp adoption.
- Strategic grants prioritize current Fantom ecosystem applications, supporting blockchain innovation.
Together with Sonic Labs, the Fantom Foundation has launched the Sonic Labs Innovator Fund. With this initiative, Fantom’s treasury will contribute up to 200 million FTM in order to expedite the quick integration of other partners and decentralized apps (dApps) into the Sonic network.
💸 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
Efficient Treasury Management
Notable is the significant distribution of 200 million FTM tokens, which resulted from the incredibly effective treasury administration under Andre Cronje. The fact that these funds were not obtained through any inflationary changes to the token supply guarantees a solid financial basis for this big initiative.
Strategically placed to attract top provision partners for the Sonic network is the Sonic Labs Innovator Fund, building on previous reports by Crypto News Flash. This guarantees Sonic creators have the resources they need to succeed in the cutthroat market of today.
The fund is now working with many dApps and leading infrastructure providers in a number of industries, including wallets, indexes, native assets, compliance, on-chain tooling, and strategic Web2 alliances.
Fantom is closely working with strategic angel investors and venture partners to support these initiatives even more.
Leading lights in the blockchain space include Sam from FRAX, Robert from Compound, Stani from Aave, Michael from Curve, and Tarun from Gauntlet. Important to this effort are also alliances with Hashed, Signum Capital, and UOB Venture Management.
Prioritizing Fantom Ecosystem Growth
The fund will be allocated initially, with an emphasis on strategic grants to projects inside the existing Fantom ecosystem. Through the identification of top applicants expressing interest in Sonic technology, Fantom hopes to capitalize on its history of effective incentive programs.
Notably, 370 million FTM were distributed during the August 2021 program, which in just seven months raised the chain’s Total Value Locked (TVL) from about $400 million to $7.7 billion.
Source: Fantom
Fantom is dedicated to building a vibrant and strong platform and community, as this large allocation highlights. Sonic wants to completely reimagine blockchain so that the creatives of today may create the decentralized apps of tomorrow. Furthermore, the project stresses the active co-creation of a dynamic, worldwide cooperative environment.
The upcoming funding will give both current Fantom projects and innovative applications native to the new Sonic network unmatched assistance through targeted investments in top-tier infrastructure providers and state-of-the-art on-chain tools.
Before Sonic launches a network ready to handle up to 200 million transactions a day, this is the first of several planned projects that will redefine industry boundaries.
Meanwhile, according to CoinMarketCap, the FTM price is currently around $0.575, up 1.90% over the last 24 hours. However, it shows a bearish trend of 10.78% during the last 7 days.
