Sonic Labs Partners with Silo Labs to Boost Ecosystem Security and Innovation

• Sonic Labs partners with Silo Labs to integrate risk-isolated lending markets, enhancing their ecosystem’s security and efficiency.
• Sonic Labs and Fantom announce a $200 million Innovator Fund to accelerate dApp adoption and blockchain innovation.

With their strategic alliance with Silo Labs, Sonic Labs has lately created waves in the crypto space and is expected to greatly improve their product after release.

Silo Labs offers a non-custodial loan system known for generating risk-isolated money markets, a crucial capability supporting a variety of crypto assets, including the eagerly awaited S token.

Sonic Labs, which formerly was Fantom, is scheduled to move its original token, FTM, into the new S token as part of its integration process. A major turning point in Sonic Labs development, this relocation promises users a more safe and simplified experience inside their ecosystem.

We’re excited to announce our partnership with @SiloFinance, available on #Sonic at launch 🚀

Silo is a non-custodial lending protocol that provides risk-isolated money markets for a wide range of crypto assets, including $S.

𝗦𝗶𝗹𝗼 𝗨𝗻𝗶𝗾𝘂𝗲 𝗔𝗱𝘃𝗮𝗻𝘁𝗮𝗴𝗲𝘀:

📊… pic.twitter.com/sb7NkRmAmP

— Sonic Labs (prev. Fantom) 💥 (@0xSonicLabs) August 21, 2024

Higher Borrowing Efficiency and Customized Lending Benefits with Silo Labs

Particularly with linked assets like LRTs and LSTs, Silo Labs provides one of the special benefits in terms of higher borrowing efficiency. This function helps consumers reduce risks and enhance their borrowing possibilities.

By using bespoke interest rate curves for every market, Silo’s system is also meant to provide lenders with better capital efficiency. This means that the platform appeals to a wider spectrum of players since lenders can gain from more customized and maybe profitable loan possibilities.

Furthermore, Silo’s segregated risk structure guarantees that users may lend and borrow with more confidence, free from worries about cross-contamination across assets. This feature of Silo’s design improves user confidence in the dependability of the platform as well as the safety of the transactions.

Just a week ago, CNF also reported on the Sonic Labs partnership with Safe, which aimed to enhance security protocols and offer flawless asset management for developers inside the Sonic network. This cooperation emphasizes Sonic Labs dedication to providing its consumers a strong and safe surroundings, confirming its place in the market.

Apart from these advancements, Fantom and Sonic Labs also revealed the $200 million FTM Innovator Fund in June. This fund is especially meant to increase the acceptance of distributed apps (dApps) by means of strategic grants.

The awards are meant to give current Fantom ecosystem apps top priority, therefore encouraging ongoing blockchain innovation and promoting expansion in this field.

Meanwhile, FTM is trading at almost $0,4588 at the time of writing, showing a notable 14.59% growth over the last 24 hours. With this increase in value, FTM ranks among the top five gainers of the day.