SOON Makes Headlines With $22 Million NFT Sale, Featuring A Layer 2 Mainnet Supported by Decoupled SVM Technology
In Brief
Recently, SOON disclosed that it has achieved a $22 million funding milestone through an NFT sale and has rolled out its mainnet with an impressive average block time of 50 milliseconds for Ethereum, with ambitions to extend compatibility to additional Layer 1 blockchains moving forward.
This Solana Virtual Machine (SVM) rollup initiative, SOON has successfully garnered $22 million from its NFT sale, officially launching its mainnet. As a versatile Layer 2 solution built on Ethereum, SOON leverages SVM for execution. It boasts an impressive 50-millisecond average block time for Ethereum, and it has plans to support additional Layer 1 blockchains in the future.
The funding round for SOON was led by Hack VC, with notable contributions from ABCDE, Hypersphere, SNZ Capital, Anagram, ArkStream Capital, GeekCartel, PAKA, Web3Port, MH Ventures, and IDG Capital. Influential leaders such as Anatoly Yakovenko, Co-Founder of Solana Labs, Lily Liu, President of the Solana Foundation, and Mustafa Al-Bassam, co-founder of Celestia Labs, have lent their support to SOON.
"For us, launching the COMMing SOON NFT mint marked a defining moment,\" Joanna Zeng, co-founder and CEO of SOON, shared in a recent statement. \"Unlike many founders who prefer the conventional paths of VC funding, we embraced a distinctive approach focused on equitable token distribution, making participation accessible to all. This strategy not only fostered community engagement but also paved the way for our future growth,\" she further elaborated.
The capital generated from the COMMing SOON NFT Mint will be strategically invested to foster the growth of the SOON ecosystem, with a portion allocated to ecosystem development and stimulating innovative initiatives.
SOON Launches Its Decoupled SVM-Powered Mainnet, Bridging Solana and Ethereum
SOON stands out as the inaugural genuine SVM rollup on Ethereum, utilizing a unique decoupled SVM architecture setup that differentiates the execution layer from the settlement layer. This cutting-edge method includes Merklization, a collaborative research effort with prominent Solana-focused software development firm Anza, setting SOON apart from others employing the Forked SVM technique.
Currently, over 11,000 ETH have been locked into the SOON testnet bridge, with interSOON facilitating more than $102 million in transaction volume over the last two months. Furthermore, three SOON stack chains are in development, catering to various applications, including AI and MultiVM, bolstered by svmBNB, Carv, and Cytonic. Caldera and Altlayer .
"Looking ahead, we plan to roll out SVM to additional chains, enhancing cross-chain capabilities and equipping developers with a comprehensive SVM toolkit, much like what we achieved with svmBNB,\" commented Joanna Zeng.
SOON champions a community-first mindset, evident in its tokenomics, as 51% of the SOON token supply is dedicated to community members. Multiple initiatives have already been launched on the SOON platform, featuring leading infrastructure providers and key ecosystem participants across diverse sectors like AI, Decentralized Physical Infrastructure Networks (DePIN), and decentralized finance (DeFi).
Disclaimer
In line with the Trust Project guidelines Please be aware that the information available on this page is not intended to be construed as legal, tax, investment, financial, or any other form of advice. It is crucial to invest only what you are prepared to lose and to seek independent financial guidance if you have any concerns. For further details, we recommend reviewing the terms and conditions along with the help and support resources provided by the issuer or advertiser. MetaversePost is dedicated to delivering accurate and impartial reporting, though market conditions can shift without notice.
