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The Fantom Foundation has announced the launch of the Sonic Labs startup accelerator program, aimed at supporting innovation for and from Fantom’s newly-released “Sonic” tech stack. The program will provide resources, guidance, and support for up-and-coming Web3 founders. Eligible projects are invited to apply, with development on Sonic set to begin on December 15. Up to five projects will be selected to join the program and will receive a share of the 1,000,000 FTM grant pool, equivalent to approximately $294,000. The grant will finance the development of the projects’ minimum viable product (MVP). Selected projects will also receive technical assistance, co-marketing opportunities, and mentorship from Fantom Foundation leaders, including Andre Cronje. Partnered venture capital firms will also be aligned with the grant, potentially providing further investment. The projects are planned to launch alongside the Fantom Sonic mainnet in spring 2024. The Sonic Labs program is open to developers creating new applications using Fantom’s technology in various blockchain sectors. The selection process involves evaluation by Fantom Foundation executives and VC partners, considering criteria such as the project’s vision, utilization of the Sonic tech stack, target user base, uniqueness, and potential impact on the Fantom network and its users. The application period is open until February 6, 2024, with winners to be announced shortly after. The Fantom Foundation is known for its high-performance blockchain that supports smart contracts, enabling developers to build scalable applications with low fees and robust security.