The Fantom Foundation has announced a significant financial commitment to support the launch of Sonic, a new and faster blockchain network. The foundation will allocate up to 200 million of its native Fantom tokens (FTM), worth approximately $120 million, to facilitate the transition of projects to the Sonic network.

The pledged funds will be used to identify and secure partnerships with top-tier developers and companies, including those working on decentralized applications (DApps) and providing essential tools and services. The funds will be derived from smart financial strategies implemented by Fantom network creator Andre Cronje without increasing the total token supply.

The initial focus will be on providing strategic grants to existing applications within the Fantom ecosystem, with priority given to those that have demonstrated a strong interest in leveraging the Sonic technology. This move follows the establishment of the Sonic Foundation, which will oversee Sonic's governance, manage the network treasury, and foster partnerships.

Sonic will introduce a new layer-1 solution alongside a built-in layer 2 that facilitates seamless integration with the Ethereum network, bridging the gap between the two EVM-compatible networks. This will provide users on the upcoming Sonic network with access to Ethereum's extensive ecosystem of decentralized applications, liquidity providers, and community.

The Fantom Foundation has a history of providing incentives, including setting aside $6.5 million worth of its native tokens to incentivize developers and launching the "Gas Monetization Program" to compensate eligible developers with 15% of the total gas fees generated by their applications.

This commitment to support project migrations to Sonic is a significant step forward in the development of the Fantom ecosystem and its vision for the future of decentralized networks.