The foundation behind the layer-1 Fantom Opera blockchain shared Thursday that it's forming the Sonic Foundation and Sonic Labs to be the main bodies supporting Sonic, a new layer-1 blockchain with a layer-2 bridge that connects to Ethereum.is supposed to link the Ethereum ecosystem with a layer-2 bridge.
According to a press release from the Fantom Foundation, Sonic Foundation will be responsible for the governance of the Sonic ecosystem as well as its treasury. Sonic Labs will focus on decentralized applications and the community for the Sonic network. Alongside the news about the new Sonic entities, Fantom shared that it closed a $10 million funding round led by Hashed, which will go towards growing Sonic’s ecosystem and product.
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