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FTM's Key Support At Risk As Fantom Launches Sonic Foundation And Wraps $10M Funding
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FTM’s Key Support At Risk As Fantom Launches Sonic Foundation And Wraps $10M Funding

Ronaldo Marquez
Ronaldo Marquez
1 year ago
3 mins read
Fantom

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The Fantom Foundation has recently disclosed its plans to establish the Sonic Foundation and Sonic Labs in preparation for the launch of its Sonic blockchain. 

In an announcement on Thursday, the foundation expressed its commitment to leveraging its technology and revealed additional details about the upcoming developments.

Fantom Introduces Sonic Chain

According to the foundation’s blog post, with the completion of the upgrade for their Opera chain on the horizon, Fantom is directing its focus towards creating a new “high-throughput” chain called Sonic (S). 

The introduction of the Sonic network will coincide with the establishment of the Sonic Foundation, which will assume responsibility for governance and treasury management functions. Additionally, Sonic Labs will spearhead the growth of decentralized applications (dApps), partnerships, and user engagement.

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Developed under the guidance of Professor Bernhard Scholz, a virtual machine developer, and led by decentralized finance (DeFi) expert Andre Cronje, the Sonic chain represents a new type of Layer-1 platform with a native Layer-2 bridge connected to the Ethereum (ETH) network.

The Sonic chain is reportedly designed to serve as a Layer 1 solution connected to Ethereum via a Layer 2 bridge. This integration is intended to allow Sonic to leverage Ethereum’s liquidity, user base, and protocols. 

As a result, the network will combine the benefits of a Layer-1 platform, such as affordability, scalability, and speed, with the security of a Layer-2 bridge, providing access to native ETH and other assets on Ethereum. 

$10 Million Raised In Strategic Funding Round

Regarding the “S” token, a recent governance vote has secured compatibility and migration between the decentralized platform’s native token FTM and S on a 1:1 basis. 

Fantom also announced the successful completion of a $10 million strategic funding round led by Hashed, one of Korea’s cryptocurrency funds. This funding initiative for the foundation is expected to expand further in the coming months. 

In addition to Hashed, UOB Ventures, Signum Capital, and Aave (AVE) Foundation, along with angel investors Stani Kulechov, Robert Leshner, Michael Egorov, Fernando Martinelli, Tarun Chitra, and Sam Kazemian, and individual partners from UOB, have all provided support during the funding round.

The capital raised in the latest round of funding will be used exclusively to support strategic growth initiatives and ecosystem development within the Fantom network, according to the foundation’s statement, which concluded by saying:

Our team is steadfast in exploring how the Sonic chain can impact and elevate several different DeFi and real-world use cases. Industries and applications such as real-world assets, perpetual DEXs, payments, trading, and high-transaction-based games, can be transformed by the speed and high throughput of Sonic.

FTM Faces Potential Downtrend Continuation

Despite these developments, the FTM token has exhibited a lackluster response to the successful funding round and the potential benefits of the Sonic chain. 

As a result, the token has declined by over 4% within a 24-hour period, putting a significant level of support for the native token at risk.

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Currently trading at $0.8033, the FTM token’s immediate prospects hinge on the crucial $0.7994 support level. A breach of this support could lead to further price declines, with the next major support at $0.755.

Fantom
The 1-D chart shows FTM’s price trending downwards. Source: FTMUSD on TradingView.com

On the other hand, if renewed bullish momentum and increased buying pressure emerge, the token may encounter resistance at the $0.844 and $0.8750 levels before potentially retesting the key $0.9 zone. Reclaiming the $1 milestone remains pivotal for the token’s overall outlook.

Featured image from Shutterstock, chart from TradingView.com

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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