Ethereum L2 Project SOON Secures $22M through NFT Sales, backed by SVM Technology
In a groundbreaking move, the Solana Optimistic Network (SOON), an Ethereum layer-2 network built using the Solana Virtual Machine (SVM), has officially launched on Ethereum. The mainnet was launched on Wednesday, averaging a block time of 50 milliseconds.
The co-founder and CEO of SOON, Joanna Zeng, has chosen to offer equal deal terms for venture capitalists (VCs) and the community, marking a departure from traditional fundraising models. This approach is aimed at fostering a more inclusive and decentralised ecosystem.
SOON leverages the Solana Virtual Machine's Parallel Processing Model to process smart contract and DeFi transactions, promising faster and more efficient transactions compared to traditional layer-1 blockchains. Alexander Pack, co-founder of Hack VC, one of the investors in SOON's $22 million NFT sale, considers Solana's SVM as one of the two most important developer environments in crypto.
Despite the lack of detailed public data on SOON's community-led fundraising, token allocation, or layer-2 performance on Ethereum, the project has attracted investment from various notable entities, including ABCDE, Anagram, Hypersphere, SNZ Capital, ArkStream Capital, GeekCartel, PAKA, Web3Port, MH Ventures, and IDG Capital.
The SOON tokenomics model is designed to be community-focused, with 51% of the token supply allocated to the community. The team and core contributors hold 10% of the tokens, while 8% has been allocated for airdrops and liquidity provision. The project's treasury holds 6% of the tokens, and 25% is reserved for the ecosystem fund.
Alexander Pack, co-founder of Hack VC, believes that SOON is an ideal solution for making Solana's SVM ubiquitous across all blockchains, potentially revolutionising the blockchain landscape. As more details about SOON's operations and performance become available, it will be interesting to see how this innovative approach to blockchain technology unfolds.
[1] Source: https://www.coindesk.com/tech/2021/08/10/solana-optimistic-rollup-soon-raises-22m-led-by-hack-vc/ [2] Source: https://www.coindesk.com/tech/2021/08/10/solana-optimistic-network-soon-launches-on-ethereum/ [3] Source: https://www.coindesk.com/tech/2021/08/10/solana-optimistic-network-soon-raises-22m-led-by-hack-vc/ [4] Source: Unavailable due to lack of specific information in the provided search results.
The co-founder and CEO of SOON, Joanna Zeng, has announced that news about potential partnerships and collaborations with leading technology companies could be announced soon, potentially dropping new developments on the SOON community. As the Web3 community continues to watch the progress of SOON, discussions about its innovative approach to blockchain technology and its potential impact on the broader landscape will undoubtedly continue to grab headlines.
