The Fantom Foundation has announced the launch of the Sonic Labs startup acceleration program aimed at supporting innovation within the new Fantom Sonic technology. This initiative aims to expand the opportunities for young entrepreneurs in the Web3 sector.

In addition, the Fantom Foundation has announced the commencement of applications for the selection phase of the program. Starting from December 15, 2023, developers will be able to create their projects based on Sonic. The program is open to all programmers and new applications utilizing Fantom technology, including sectors like GameFi, DeFi, RWA, and many others.

The evaluation of competitive projects will be conducted by Fantom Foundation leaders and venture capitalists who are partners of the fund. The application submission period will continue until February 6, 2024, and the names of the winners will be announced a few days later. As part of the acceleration program, the Fund will select up to 5 projects that will receive grants totaling 1 million FTM (approximately $294,000). These funds will be directed towards financing the development of each project's MVP.

All startups will also receive technical support, the development of marketing strategies, and mentoring from highly qualified fund leaders, including renowned expert Andre Cronje. Developers will then be able to present their projects to partner venture companies and the Fantom Foundation for additional investments. These products will be launched on the Fantom Sonic mainnet, which is planned to be ready by spring 2024.

The Head of the Fantom Foundation, Andre Cronje, expressed his readiness to collaborate with the best Sonic Labs projects. He intends to apply his personal experience in application development and industry expertise to enhance and adapt promising projects within the Sonic Labs ecosystem.