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SOON has raised $22 million through the sale of its “COMMing SOON” nfts ahead of the launch of its mainnet.
The funds will support the launch of its Layer 2 mainnet, designed to improve the speed and efficiency of ethereum and other blockchain networks, according to a note shared with crypto.news.
SOON technology uses the Solana virtual machine as the execution layer. This means that it employs the transaction processing capabilities of Solana (SOL) but applies them to ethereum (eth), effectively combining two important blockchain ecosystems.
The mainnet offers a block time of just 50 milliseconds, allowing for faster transaction processing compared to ethereum, which has slower transaction speeds.
SOON's architecture separates its execution and settlement processes, a method known as decoupled SVM.
This distinguishes it from existing solutions that modify the Solana framework instead of redesigning it. So far, over 11,000 eth have been locked on the SOON testnet, which has processed over $102 million in transactions in two months.
Funding contributions
Hack VC led the funding round, 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.
To expand 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.
The project also emphasizes a community-centric approach, allocating 51% of its $SOON tokens to community members.
This strategy is designed to encourage widespread adoption and encourage support for projects that take advantage of SOON, from ai applications to decentralized financial platforms.
