crypto.news
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.
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.