PANews reported on May 24 that according to Cointelegraph, the Fantom Foundation announced the establishment of a new foundation, the Sonic Foundation, to facilitate the launch of the upcoming Sonic chain. The Sonic Foundation will be responsible for overseeing Sonic's governance, managing network funds, coordinating partnerships, and developing the DApp ecosystem.

It is reported that Sonic will consist of a new Layer 1 solution and an integrated Layer 2, which can directly bridge the EVM-compatible network to the Ethereum network. Through the architecture of the Sonic Chain, users of the upcoming Sonic network will be able to leverage Ethereum's vast ecosystem of decentralized applications, liquidity providers, and community.

According to previous reports, the Fantom community passed the first proposal to "build the Sonic chain," which aims to support a 1:1 exchange between FTM and S tokens. Earlier today, it was reported that the Fantom Foundation completed a $10 million strategic financing round, led by Hashed.