The members of the Sonic community, the renamed Fantom Blockchain approved a big bet on institutional adoption with a vote to finance an American expansion strategy which includes the creation of an ETF initiative of $ 50 million, an investment program of $ 100 million and the creation of a company registered in Delaware.
The vote found the support of 99.99% of the participants. The community rejected the alternative option “without change” almost unanimously, with only 51,200 votes against the plan and 860.6 million in favor.
Sonic Labs presented the proposal as a necessary rupture of his “Tokenomics 2018”, which involved Fantom Foundation giving most of his supply to the community. This structure left the foundation holding only 3% of launch tokens, compared to 50% to 90% owned by peers.
Although user -friendly, the team argued that it had hampered its ability to finance lists on crypto exchanges, acquisitions and partnerships. The new program is designed to fill this gap and make sound competitive on a market where blockchains are increasingly acting as businesses.
In addition to the ETF initiative, the vote authorizes private investment in public capital (PIPE) Vehicle on the Nasdaq, and the sowing of 150 million tokens for Sonic USA, which will be based in New York. S were created as part of the brand change from last year.
The ETF plan will imply a regulated supplier with more than $ 10 billion in assets under management, with the custody managed by Bitgo. The pipe vehicle aims to sow the balance sheet of an entity listed at Nasdaq with tokens locked for at least three years in exchange for strategic cash purchases.
At the network level, the costs will also be redirected under a revised mechanism to burn more tokens and reduce inflation – a nod to the requirements of the deflationary pressure token.
It remains to be seen whether these movements translate into a real adoption, but Sonic now has the mandate and the war box to participate directly in the ETF and the traditional financial arena.
