Propose New Minting Token, Fantom’s Sonic Proposal Approved!

Bittime - Fantom announced the success of its third governance proposal, known as Sonic. What's in Sonic's proposal? Read this article to the end to find out!

Details of Fantom's Proposal Sonic

Sonic Fantom's proposal proposes minting new tokens proportionally 6 months after the Sonic network goes live. These tokens will be used for various purposes such as marketing, ecosystem growth, and collaboration.

This initiative aims to encourage growth, innovation and cooperation in the Fantom ecosystem through various programs and funds provided. This move is expected to provide a significant boost to the development of the Sonic network and its community.

Sonic Labs Innovation Fund

One of the main components of this proposal is the launch of the project with the support of a $200 million innovation fund from Sonic Labs. This fund aims to support various programs, such as Sonic Park and Sonic University.

1. Sonic Spark: This program will provide innovation support for early-stage founders and the next generation of developers. The goal is to facilitate the creation of innovative DApps and new technology solutions in the Sonic ecosystem.
2. Sonic University: This program is designed to provide resources and guidance for students interested in building DApps on the Sonic network. Sonic University aims to encourage youth engagement in blockchain technology and ensure a continued flow of new talent.

Proposal Sonic: Burn Token Yearly

To maintain balance and stability of the token economy, Sonic's proposal also introduces an annual token burn mechanism. This mechanism ensures that all new tokens minted are fully utilized for network growth. If there are unused tokens, they will be destroyed to prevent unwanted inflation.

For example, if the community decides to maintain an inflation rate of 1.5% per year for 6 years, there will be 47,625,000 tokens minted annually. If Sonic Labs only uses 5 million tokens that year, then the remaining 42,625,000 tokens will be destroyed by the Sonic Foundation. This step ensures that the token supply remains controlled and is only used for productive purposes.

Impact on the Fantom Community

With the approval of this proposal, the Fantom community now has a clear framework to support the growth and innovation of the Sonic network. Initiatives like Sonic Spark and Sonic University will not only drive technological development, but also increase community engagement and collaboration between various stakeholders.

In addition, with the annual token burn mechanism, the community can feel more confident that token inflation remains under control and token supply will not be excessive. This is important to maintain the value of the token and ensure that the community's investment is protected.

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