The Fantom community voted to approve the first Sonic chain-related proposal, supporting the 1:1 exchange of FTM and S tokens

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Cointime2024/05/23 00:38

By:Cointime

The Fantom Foundation announced on the X platform that the community has voted in favor of its first proposal regarding the upcoming Sonic network, with a support rate of 99%. FTM will be compatible with Sonic's new token S and will be exchanged at a 1:1 ratio upon release.

Previously, the Fantom governance forum showed that community members initiated a series of governance proposals regarding the Sonic network, and are currently seeking feedback from the community on proposed changes, plans, and initiatives.

The proposal states that Sonic will be a brand new L1 chain and will be bridged to other chains such as Ethereum through native L2 cross-chain technology. Based on the results of the first governance vote, FTM holders will be able to migrate to Sonic's native token S at a 1:1 ratio upon Sonic's genesis.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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