- SOON raised funds with key contributors like Solana leaders and Coinbase Ventures to enhance blockchain efficiency.
- The funding supports SOON Stack, a modular framework using Solana’s SVM for efficient Layer 1 settlements and interoperability.
- SOON aims to boost Ethereum’s transaction capacity significantly and integrate with data availability layers like CelestiaDA.
The Solana Optimistic Network (SOON) has successfully raised funds in a co-builder round with contributions from key figures in the blockchain industry.
The round saw participation from Solana leaders Lily Liu and Anatoly Yakovenko. Additionally, significant backing came from Coinbase Ventures’ Principal Jonathan King and Celestia Labs co-founder Mustafa Al-Bassam. Other noteworthy contributors included Amrit Kumar from AltLayer, Prabal Banerjee of Avail, and Robinson Burkey of Wormhole Foundation.
Advancing SOON Stack and Mainnet
The capital injection will primarily support the development of SOON Stack which aims to deliver a highly efficient and high-performance rollup for Layer 1 settlements. It utilizes the Solana Virtual Machine (SVM) as its execution layer. The funding will also bolster SOON’s flagship products, including the SOON Stack and SOON Mainnet.
The SOON Stack serves as a modular framework combining SVM and OP Stack. The combination facilitates the deployment of SVM Layer 2 solutions on Layer 1 blockchains like Ethereum, Bitcoin, and Cosmos.
The SOON Mainnet is a versatile SVM Layer 2 solution that settles on the Ethereum blockchain. Deployed using the SOON Stack, it plans to increase Ethereum’s transaction capacity by 650,000 transactions per second. Additionally, SOON aims to integrate a data availability layer. The integration will enhance interoperability with CelestiaDA, EigenDA, and Avail.
Strategic Vision and Future Prospects
The platform will merge Solana’s SVM engine with Layer 1 user bases and the strategy could establish SVM as the standard across Layer 1 ecosystems. Consequently, this could attract developers seeking efficient solutions.
The funding positions SOON to offer high throughput and low fees. Hence, it provides scalability and efficiency for decentralized applications across various Layer 1 blockchains.
The recent funding round marks a significant step for SOON in enhancing blockchain scalability and efficiency. With strategic contributions from industry leaders, SOON is poised to set new standards in the blockchain ecosystem.
The post Solana Optimistic Network Secures Strategic Funding to Enhance Blockchain Efficiency appeared first on Crypto News Land.
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