Sonic Community Approves $150 Million Funding for U.S. Expansion Strategy

Community members of Sonic, formerly the Fantom blockchain, approved a strategy for institutional adoption. Key points include:

• A $50 million ETF initiative
• A $100 million investment program
• Formation of a Delaware-registered company

The proposal received 99.99% support, with 860.6 million votes in favor and only 51,200 against. This is part of a shift from the previous model where the Fantom Foundation held only 3% of tokens at launch.

Sonic Labs aims to enhance funding capabilities for listings, acquisitions, and partnerships through this new issuance. The plan includes:

• Private investment in a public equity (PIPE) vehicle on Nasdaq
• Seeding of 150 million S tokens for Sonic USA in New York City

The ETF will be managed by a regulated provider with over $10 billion in assets, with custody by BitGo. The PIPE vehicle will involve S tokens locked for three years for strategic purchases. Additionally, a revised fee mechanism will aim to burn more tokens to reduce inflation.

These initiatives aim to position Sonic competitively within the ETF and traditional finance sectors.