Quick take:
- The company also announced the launch of its mainnet on Ethereum with a 50ms average block time.
- SOON also plans to expand support to other layer-1 blockchains.
- The layer-2 network adopts a community-first approach with 51% of its token supply allocated to the community.
Solana Optimistic Network (SOON), an Ethereum layer-2 network built using the Solana Virtual Machine (SVM) has raised $22 million in an NFT sale led by Hack VC. The fundraising also attracted participation from ABCDE, Anagram, Hypersphere, SNZ Capital, ArkStream Capital, GeekCartel, PAKA, Web3Port, MH Ventures and IDG Capital.
Soon leverages the Solana Virtual Machine’s Parallel Processing Model to process smart contract and DeFi transactions, which Joanna Zeng, co-founder and CEO of SOON says enhances the transaction speeds of the layer-2.
According to the announcement, SOON, which also launched its mainnet on Ethereum on Wednesday averages a block time of 50 milliseconds.
“By decoupling the transaction processing unit (TPU), SOON has engineered a rollup-specialised SVM that achieves horizontal scaling with an average block time of approximately 50 ms, outperforming other leading blockchain networks,” Zeng told Cointelegraph.
The company is adopting a community-first approach for its tokenomics model, with 51% of the token supply allocated to the community. The company has chosen to reserve 25% of the tokens for the ecosystem fund, while a further 8% has been allocated to airdrops and liquidity provision.
The team and core contributors have 10% to share, while 6% goes to the project’s treasury.
Commenting on the fundraising and the company’s tokenomics, Zeng said: “While many founders chose a traditional route and raised exclusively from VC, we chose to offer equal deal terms for VCs and our community, ensuring a fair launch token distribution and allowing both to participate on an equal footing.”
Alexander Pack, co-founder of Hack VC, which led the round commented: “Solana’s SVM has joined Ethereum’s EVM to become one of the two most important developer environments in crypto, and SOON is an ideal solution for making it ubiquitous across all blockchains.”
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