BREAKING: Fantom and Sonic Labs Launch $200M Innovator Fund for dApps

BREAKING: Fantom and Sonic Labs have joined forces to launch a groundbreaking $200 million Innovator Fund aimed at driving the adoption of decentralized applications (dApps). This strategic partnership will prioritize the advancement of current Fantom ecosystem applications, providing crucial support for blockchain innovation.

The Sonic Labs Innovator Fund, backed by Fantom’s treasury, will contribute up to 200 million FTM tokens to expedite the integration of partners and dApps into the Sonic network. Notably, these funds have been allocated from Fantom’s treasury without any inflationary changes to the token supply, showcasing the efficient management of the project’s resources.

The fund will target top provision partners in various industries, including wallets, indexes, compliance, native assets, on-chain tooling, and strategic Web2 alliances. To further bolster these initiatives, Fantom is collaborating with strategic angel investors, venture partners, as well as prominent figures in the blockchain space.

To maximize the impact of the Innovator Fund, Fantom will initially focus on granting strategic investments to projects within the existing Fantom ecosystem. By identifying top applicants interested in Sonic technology, Fantom aims to replicate the success of its previous incentive programs, such as the distribution of 370 million FTM tokens in August 2021, which significantly increased the chain’s Total Value Locked (TVL).

With the upcoming launch of the Sonic network, capable of handling up to 200 million transactions per day, this Innovator Fund is just the beginning of a series of projects that will redefine industry boundaries. Fantom’s dedication to creating a vibrant platform and community is evident through this significant allocation, as Sonic aims to revolutionize blockchain and empower creatives to build innovative decentralized apps.

At present, the FTM price stands at approximately $0.575, experiencing a modest 1.90% increase in the last 24 hours. However, it has faced a bearish trend of 10.78% over the past week, according to CoinMarketCap.

Source: Fantom