Sonic Community Approves $150M Token Issuance for U.S. ETF Push, Nasdaq Vehicle

Community members of Sonic, the rebranded Fantom blockchain, approved a large bet on institutional adoption with a vote to fund a U.S. expansion strategy that includes the creation of a $50 million ETF initiative, a $100 million investment program and the creation of a Delaware-registered company. The vote found support from 99.99% of participants. The community rejected the alternative “no-change” option almost unanimously, with just 51,200 votes against the plan and 860.6 million in favor. Sonic Labs pitched the proposal as a necessary break from its “2018 tokenomics,” which involved Fantom Foundation giving away most of its supply to the community. That structure left the foundation holding just 3% of tokens at launch, compared with 50%–90% held by peers. While community-friendly, the team argued it hobbled its ability to fund listings on crypto exchanges, acquisitions and partnerships. The new issuance is designed to close that gap and make Sonic competitive in a market where blockchains increasingly act like companies. In addition to the ETF initiative, the vote authorizes private investment in a public equity (PIPE) vehicle on Nasdaq, and the…