This represents not just a new altcoin but also a significant transformation. The father of DeFi will play a role here. In crypto, there are renowned figures from various fields. For instance, many may not remember John McAfee and the new crypto projects he scammed. Or the world of smart contracts and Vitalik, or DeFi with Andre Cronje.
DeFi King and New Experiments
Andre Cronje is described as the father of decentralized finance, and it was a big deal when he left FTM Coin due to legal issues. Then he came back. Now, a stronger, more efficient network is being launched. The launch of the Sonic network will also see the establishment of the Sonic Foundation, responsible for the governance and treasury management functions of the networks.
The team recently wrote in their announcement:
“Designed by Professor Bernhard Scholz and his team, leading experts in virtual machine development, and led by DeFi pioneer Andre Cronje, the Sonic chain is a new layer-1 chain with a native layer-2 bridge linked to Ethereum.
The Sonic chain will be a layer-1 platform connected to Ethereum via a special Layer-2 bridge, allowing Sonic to leverage a large amount of liquidity, users, and protocols. This enables the network to combine the low cost, scalability, and speed of layer-1 with the security of the layer-2 bridge for access to native ETH and other assets on Ethereum.”
S Token
Thanks to a recently approved governance vote, FTM Tokens will convert to S Tokens at a 1:1 ratio with the new token. Additionally, the Foundation has already announced the closing of a $10 million strategic funding round led by Hashed, one of Korea’s largest and most renowned crypto funds. Besides the Korean giant, participants like UOB Ventures, Signum Capital, and Aave Foundation also joined the investment round for Sonic.
Finally, the team wrote in the conclusion of the announcement:
“Our team is committed to exploring how Sonic Chain can impact and elevate various DeFi and real-world use cases. Sectors and applications such as real-world assets, permanent DEXs, payments, trading, and high-transaction-based games can be transformed by Sonic’s speed and high transaction volume. There is still much to be done, including programs for airdrops, grants, partnerships, and technology developments to be announced for the Sonic network.”
