The Fantom Foundation announces that the founder of Frax has become its angel investor

The Fantom Foundation announced on platform X that Sam Kazemian, the founder of Frax Finance, has become its first angel investor. Frax will deploy its native issued assets on the Sonic technology stack on the first day.

Earlier news revealed that Michael Kong, CEO of the Fantom Foundation, said that they are preparing to launch their next-generation product, Sonic. Sonic promises to process 2000 transactions per second (TPS), with final certainty at sub-second level and is expected to be launched by late summer or early autumn this year.

The team also plans to use Sonic as a "shared sequencer" for other L1 and L2 chains.