The members of the Sonic community, the renowned Fantom Blockchain, approved a great commitment to institutional adoption with a vote to finance an expansion strategy of the United States that includes the creation of an ETF initiative of $ 50 million, an investment program of $ 100 million and the creation of a registered company of Delaware.
The vote found the support of 99.99% of the participants. The community rejected the alternative option for “not changing” 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. That structure left the foundation that has only 3% of tokens at the launch, compared to 50% -90% in the hands of the partners.
Although it is friendly to the community, the team argued that it hindered its ability to finance lists on cryptography exchanges, acquisitions and associations. The new broadcast is designed to close that gap and make Sonic competitive in a market where blockchains act more and more as companies.
In addition to the ETF initiative, the vote authorizes private investment in public equity (TUBE) Vehicle in Nasdaq and the planting of 150 million tokens for Sonic USA, which will be based in New York City. S were created as part of last year’s brand change.
The ETF plan will involve a regulated provider with more than $ 10 billion in assets under administration, with custody managed by Bitgo. The pipe vehicle aims to sow the general balance of an entity that quotes in Nasdaq with S blocked tokens for at least three years in exchange for strategic purchases of the treasure.
At the network level, rates will also be redirected under a revised mechanism to burn more tokens and reduce inflation, a wink to the demands of the head of deflationary pressure tokens.
It remains to be seen if these movements translate into real adoption, but Sonic now has both the mandate and the war chest to compete directly in the ETF and the traditional financial sand.
