SOON Raises $22M Through NFT Sale, Launches Layer 2 Mainnet Powered By Decoupled SVM
In Brief
SOON announced that it has raised $22 million through its NFT sale and launched its mainnet, offering a 50ms average block time for Ethereum, with plans to extend support to other Layer 1 blockchains in the future.
Solana Virtual Machine (SVM) rollup project, SOON, has raised $22 million through its non-fungible token (NFT) sale and officially launched its mainnet. SOON is a general-purpose Layer 2 solution built on Ethereum, utilizing SVM as its execution layer. The SOON mainnet provides a remarkable 50ms average block time for Ethereum, with plans to extend support to other Layer 1 blockchains in the future.
Hack VC led the funding round for SOON, with additional participation from ABCDE, Hypersphere, SNZ Capital, Anagram, ArkStream Capital, GeekCartel, PAKA, Web3Port, MH Ventures, and IDG Capital. SOON is also supported by notable figures such as Anatoly Yakovenko, Co-Founder of Solana Labs, Lily Liu, President of the Solana Foundation, Mustafa Al-Bassam, Co-Founder of Celestia Labs, Robinson Burkey, Co-Founder of the Wormhole Foundation, and others.
“The launch of COMMing SOON NFT mint was our pivotal moment,” said Joanna Zeng, co-founder and CEO of SOON, in a written statement. “While many founders play it safe with VC funding and traditional startup routes, we chose a different path with fair token distribution, ensuring everyone can join in. This not only boosted community engagement but also laid the groundwork for our growth,” she added.
The funds raised from the COMMing SOON NFT Mint will be used to support the expansion of the SOON ecosystem. A portion of the funds will be directed toward ecosystem development and fostering innovation.
SOON Launches Mainnet Powered By Decoupled SVM, Bridging Solana And Ethereum
SOON is the first true SVM rollup on Ethereum, utilizing a decoupled SVM architecture that separates the execution layer from the settlement layer. This innovative approach incorporates Merklization, co-researched with leading Solana-focused software development firm Anza, distinguishing SOON from other projects that use the Forked SVM method.
Over 11,000 ETH have been locked on the SOON testnet bridge, with the interSOON processing more than $102 million in volume over the past 60 days. Additionally, three SOON stack chains are being developed for various use cases, such as AI and MultiVM, with svmBNB, Carv, and Cytonic being supported by Caldera and Altlayer.
“Next up, we’re expanding SVM to more chains, enhancing cross-chain interoperability, and giving developers the ultimate SVM toolkit, just like we did with svmBNB,” Joanna Zeng noted.
SOON emphasizes a community-first approach, as demonstrated by its tokenomics, with 51% of the SOON token supply dedicated to the community. Several projects have already launched on SOON, including prominent infrastructure providers and key players in the ecosystem, covering areas such as AI, Decentralized Physical Infrastructure Networks (DePIN), and decentralized finance (DeFi).
Disclaimer
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.
About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
More articles
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
