As a seasoned analyst with extensive experience in the dynamic and complex world of blockchain technology, I find the recent developments surrounding Solana Optimistic Network (SOON) particularly intriguing. The strategic move to secure funding from industry builders rather than traditional venture capital firms is a refreshing approach that underscores the maturity and collaborative spirit within the blockchain community.
The Solana Optimistic Network, commonly referred to as SOON, has successfully concluded a funding round for its ‘co-builders’, which was supported by notable figures within the blockchain industry.
The event, centered around recognizing achievements by industry pioneers instead of investment companies, intends to boost SOON’s growth in creating their primary offerings, SOON Stack and SOON Mainnet, as mentioned in a press statement distributed to cryptocurrency news outlets.
Among the notable individuals are Lily Liu (Solana Foundation), Anatoly Yakovenko (Solana Labs), and Jonathan King representing 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
In simpler terms, this setup enables the use of an SVM-based system at Layer 2, which can be implemented across multiple environments. This results in improved speed while keeping transaction costs relatively low.
Very soon, the Mainnet, which will be deployed on Ethereum, is anticipated to significantly increase its transaction handling ability, potentially reaching up to 650,000 transactions per second.
“Our goal with SOON is to become the most effective rollup, offering significantly reduced costs and a performance boost of up to 100 times greater than the top performing Ethereum Virtual Machine (EVM), all while fostering an environment welcoming to non-Solana prominent projects.”
Joanna Zeng, Co-Founder and CEO of SOON.
The financial support will allow SOON to carry on with its objective of developing a robust, scalable system suitable for various blockchain-based applications.
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2024-08-27 17:57