PANews reported on May 24 that the Fantom Foundation has completed a strategic financing round of $10 million, led by Hashed, with participation from UOB Ventures, Signum Capital, Aave Foundation, and angel investors such as Stani Kulechov, Robert Leshner, Michael Egorov, Fernando Martinelli, Tarun Chitra, and Sam Kazemian. The funds from this round will be used to support the Sonic Foundation as well as strategic growth and ecosystem development, with a focus on enhancing the liquidity of automated market makers and blue-chip pools in the money market. Additionally, the Fantom Foundation announced plans to establish the Sonic Foundation and Sonic Labs before launching the Sonic blockchain. The Sonic Foundation will manage governance and funding, while Sonic Labs will focus on the development of decentralized applications.