Solana Optimistic Network — known as SOON — has raised a ‘cobuilder’ funding round backed by prominent figures in the blockchain space.
The round, which focuses on contributions from industry builders rather than venture capital firms, aims to support SOON’s development of its flagship products, SOON Stack and SOON Mainnet, according to a press release shared with crypto.news.
These prominent figures include Lily Liu of Solana Foundation, Anatoly Yakovenko of Solana Labs, and Jonathan King from Coinbase Ventures.
SOON Stack is designed to be a modular framework that integrates the Solana (SOL) Virtual Machine with various Layer 1 blockchains, including Ethereum (ETH) and Cosmos (ATOM).
The total amount of funding has not been disclosed.
You might also like: Flare integrates Polyhedra’s zkBridge for enhanced cross-chain security
Increased transaction capacities
This structure allows the deployment of an SVM-based Layer 2 solution across different ecosystems, significantly increasing throughput while maintaining low fees.
SOON Mainnet, set to launch on Ethereum, is expected to boost the network’s transaction capacity by up to 650,000 transactions per second.
“With SOON, we aim to be the most efficient rollup while reducing costs and raising performance by 100X in every ecosystem, relative to the highest performing EVM, complimented by a culture friendly towards non-Solana blue chips,”
Joanna Zeng, Co-Founder and CEO of SOON.
The funding will enable SOON to continue its mission of creating a high-performance, scalable solution for decentralized applications across multiple blockchains.
You might also like: Nasdaq files for SEC approval to launch Bitcoin index options
Read the full article here
