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The Fantom community has voted to approve the first Sonic chain-related proposal, supporting a 1:1 exchange between FTM and S tokens

CointimeCointime2024/05/23 01:13
By:Cointime

The Fantom Foundation announced on social media that the community has voted in favor of the first proposal for the upcoming Sonic chain, with a support rate of 99%. FTM will be compatible with Sonic's new token S, and will achieve a 1:1 exchange rate upon release.According to the Fantom governance forum, community members have initiated a series of governance proposals for the Sonic network and are currently seeking feedback from the community on proposed changes, plans, and initiatives. The proposal states that Sonic will be a brand new L1 chain and will be bridged to Ethereum and other chains through native L2 cross-chain bridges. Based on 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 upon Sonic's genesis.Using the new bridging architecture, Sonic will provide better performance for users and DApp developers than the existing Opera network. Fantom Operations Ltd promises to continue to provide validator support for Opera, while Sonic Operations Ltd will provide support for Sonic.In addition, the Fantom Foundation will allocate hundreds of millions of dollars in FTM from the treasury to support the development of the Sonic ecosystem, including marketing, business development, migration grants, and more.

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