PANews reported on May 23 that the Fantom Foundation announced that the community has voted to approve its first proposal regarding the upcoming Sonic chain, with a support rate of 99%. FTM will be compatible with Sonic's new token S, allowing for a 1:1 exchange upon its release. The proposal states that Sonic will be a brand new L1 chain and will be bridged natively to chains like Ethereum through L2 cross-chain bridges.

According to 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 during Sonic's genesis. Utilizing the new bridging architecture, Sonic will offer users and DApp developers performance superior to the existing Opera network. Fantom Operations Ltd promises to continue providing validator support for Opera, while Sonic Operations Ltd will support Sonic. The Fantom Foundation will also allocate hundreds of millions of dollars worth of FTM from the treasury to support the development of the Sonic ecosystem, including marketing, business development, and migration grants.

The governance forum shows that community members have initiated a series of governance proposals regarding the Sonic network, currently seeking community feedback on proposed changes, plans, and initiatives. Upcoming proposals include FTM to S compatibility, S token airdrop plans, Sonic growth plans, and validator rewards.