This represents a significant transformation rather than just a new altcoin. The father of DeFi will play a role here. There are renowned figures in every area of crypto. For instance, few 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, who are among the world’s 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 to Ethereum.
The Sonic chain will be a layer-1 platform connected to Ethereum via a dedicated 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 be converted to S Tokens at a 1:1 ratio with the new token. Additionally, the Foundation has already announced the closure of a $10 million strategic funding round led by Hashed, one of Korea’s largest and most well-known crypto funds. Participants in the investment round for Sonic also include UOB Ventures, Signum Capital, and Aave Foundation.
Finally, the team wrote the following in the conclusion of the announcement:
“Our team is committed to exploring how Sonic Chain can impact and elevate a variety of different 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 thanks to 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.”
