Fantom Foundation Launches Sonic Labs, Opens 1m $FTM Grant Pool

The Fantom Foundation, responsible for the development of the Fantom blockchain and $FTM, its native token, has announced the launch of the Sonic Labs startup accelerator program.

According to the official press release shared with CryptoDaily, the program is designed to support innovation for and from Fantom's newly-released "Sonic" tech stack, with the provision of resources, guidance, and support for up-and-coming Web3 founders. The foundation said that it is inviting eligible projects to apply for the program, with development on Sonic set to commence on December 15.

The accelerator program under Sonic Labs will select up to five projects to join, with each receiving a share of the 1,000,000 FTM grant pool. At the time of writing, this is equivalent to roughly 294,000 USD. The grant was set up to finance the development of the recipient projects' minimum viable product (MVP). The selected projects will also receive technical assistance, co-marketing opportunities, as well as direct mentorship from Fantom Foundation leaders including Andre Cronje, who currently serves as Director at the foundation.

"I'm looking forward to working with the top projects from Sonic Labs, leveraging my experience in building applications and general industry insights to enhance the development of promising projects within our ecosystem. Having access to industry veterans pays dividends early in the development cycle and that is exactly what I look to provide to our Sonic Labs partners," Cronje shared.

Partnered venture capital firms are also being aligned with the grant, with potential further investment on the projects down the line. According to Fantom Foundation, the projects are planned to each have a launch that would coincide with the launch of Fantom Sonic mainnet, scheduled for spring of 2024.

The Sonic Labs program is open to developers creating new applications using Fantom's technology, covering various blockchain sectors including GameFi, DeFi, Ts, as well as NFRWAs, among others. The selection process for the program involves evaluation by Fantom Foundation executives and VC partners, with criteria including the project's vision, utilization of the Sonic tech stack, target user base, uniqueness, and potential impact on the Fantom network and its users. The application period is now open and will run through February 6, 2024, with winners to be announced shortly after the competition ends.

The Fantom Foundation focuses on growing and supporting the Fantom ecosystem and its technology, and is known in the industry for its high-performance blockchain which supports top-end smart contracts, allowing developers to build scalable applications with low fees and robust security.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.