SOON Raises $22 Million in Funding to Enhance Ethereum’s Efficiency

SOON, a blockchain project focused on enhancing the speed and efficiency of Ethereum and other blockchain networks, has successfully raised $22 million through the sale of its “COMMing SOON” NFTs. The funds will be utilized to support the rollout of its Layer 2 mainnet, which is designed to improve the overall performance of existing blockchain ecosystems.

Combining Ethereum and Solana’s Capabilities

SOON’s technology leverages Solana’s Virtual Machine as its execution layer, effectively combining the strengths of two major blockchain ecosystems. By employing Solana’s transaction processing capabilities, SOON enables faster transaction processing compared to Ethereum, with a block time of just 50 milliseconds.

Decoupled SVM Architecture

SOON’s architecture separates its execution and settlement processes, a method known as a decoupled SVM. This approach sets it apart from existing solutions that modify Solana’s framework rather than redesigning it. As a result, SOON’s testnet has processed over $102 million in transactions within two months, with over 11,000 ETH locked into the network.

Funding Contributions and Support

The funding round was led by Hack VC, with additional contributions from investors such as ABCDE, Hypersphere, and others. SOON has also garnered support from prominent figures in the blockchain industry, including Solana Labs Co-Founder Anatoly Yakovenko and Solana Foundation President Lily Liu.

Expanding Interoperability and Community Engagement

To broaden accessibility across different networks, SOON is developing additional blockchain solutions, including svmBNB and Cytonic. These initiatives aim to improve cross-chain interoperability, enabling seamless communication between blockchains. Furthermore, SOON emphasizes a community-first approach, allocating 51% of its $SOON tokens to community members to encourage widespread adoption and foster support for projects leveraging SOON.

“By fostering a community-driven approach and developing innovative blockchain solutions, we aim to create a more efficient and interconnected ecosystem for decentralized applications.”

Tips for Investors and Developers

For those interested in investing in or developing on SOON’s platform, here are some key points to consider:

  • SOON’s Layer 2 mainnet offers faster transaction processing capabilities compared to Ethereum.
  • The project’s decoupled SVM architecture provides a unique approach to blockchain scalability.
  • SOON’s community-first approach may encourage widespread adoption and support for projects leveraging the platform.

Stay up-to-date with the latest news and developments in the world of cryptocurrencies and blockchain technology on Global Crypto News.

Post Views: 1