A revolutionary Ethereum layer 2 solution – SOON (Solana Optimistic Network) has raised $22 million via an NFT sale to finance its much anticipated mainnet launch. Because it integrates its execution layer using the Solana Virtual Machine (SVM), SOON is not only poised to redefine blockchain speed and scalability, but also is an innovative take on decentralized technology.
A Community-Driven Fundraising Model
The funding round featured lead investors Hack VC alongside investors ABCDE, Anagram, Hypersphere, SNZ Capital, ArkStream Capital, and more. Unlike many other projects that depend highly on the traditional venture capital (VC) funding route, SOON chose a community-first approach. The distribution had over 51% of its token supply was distributed to the community.
Joanna Zeng, co-founder and CEO of SOON, explained the importance of this strategy:
“While many founders chose a traditional VC funding route, we opted for a fair token distribution to include the community on equal terms. This pivotal moment of launching the COMMing SOON NFT mint ensures both VCs and the community can participate equally, setting the stage for our growth.”
This inclusive model has garnered widespread attention in the conventional blockchain community and the investment community, making SOON a distinct player in the decentralized ecosystem.
Leveraging Solana Virtual Machine on Ethereum
What makes SOON so revolutionary is that the Solana Virtual Machine can run within its own sharded/ parallelized Ethereum layer two framework. SOON features block times as low as 50 milliseconds on average — over 8 times faster than Solana’s native 400 milliseconds. It achieves this by decoupling the transaction processing unit (TPU) and providing a rollup dedicated execution environment for it.
Vision for the Future
The raised $22 million goes to building the SOON ecosystem and further developing the infrastructure to allow it to fulfill its ambitious goals. Solana Virtual Machine integration on Ethereum’s layer 2 is a promising indicator of the direction blockchain interoperability is moving and what it can do with decentralized technology.
SOON brings cutting edge technology, equitable tokenomics, and unique encouragement to its community to ensure it joins the next wave of blockchain innovation. With the mainnet launch coming soon, the project is a shining example of how it is possible to build a genuinely decentralized and resource efficient ecosystem with creative design and fair distribution.
