Sonic Raises $12M To Energize Solana’s Nascent GameFi Sector

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As a researcher with a background in blockchain technology and gaming, I’m excited about the potential of Sonic to boost Solana’s video game economy. Having closely followed the development of various blockchain projects, I’ve seen firsthand the challenges that platforms like Solana face in gaining traction in the GameFi industry.

Sonic, a project specializing in Layer-2 infrastructure for blockchain gaming, has secured $12 million in Series A funding, adding to its previous raise of $4 million. With a grand total of $16 million in funds, Sonic aims to invigorate the video game economy on the Solana blockchain.

In today’s funding round, Bitkraft Ventures, a well-known cryptocurrency venture capital firm, took the lead. They were subsequently joined by new investors such as Galaxy Interactive, Big Brain Holdings, and others.

Mirror World Labs, the creator of Sonic, a project under GameFi’s umbrella, is confident in Sonic’s potential to boost Solana’s influence in the gaming sector. The modular Solana Virtual machine chain powering Sonic aims to facilitate autonomous and self-governing token economies within the Solana network. Additionally, it offers infrastructure for creating custom “game rollups,” ensuring swift transactions that maintain high speeds.

Solana stands out among the top contenders in the blockchain scene, following Bitcoin and Ethereum, due to its user-friendly traits and streamlined entry process. Notable projects like Raydium and Solend for decentralized finance (DeFi), Magic Eden for non-fungible tokens (NFT) marketplaces, and Audius for decentralized music streaming have found homes on its platform. Yet, in one specific sector – GameFi – Solana has faced slower growth compared to other game-focused blockchains such as Immutable X and Oasys. Many developers in this industry prefer building their projects on these alternative platforms instead.

To create a specialized SVM (Secure Verifiable Marketplaces) infrastructure specifically for gaming applications on the Solana platform, Sonic intends to make this shift. By utilizing Sonic’s protocol, game developers are empowered to efficiently develop and launch their individual SVM chains.

Secret Sauce

Using HyperGrid, the pioneering horizontal scaling solution on Solana, Sonic boosts the capabilities of its SVM chains. This framework enables developers to tailor chain characteristics and compatible data types, leading to a predicted “multi-grid” evolution in gaming blockchains – characterized by adaptability and remarkable scalability.

 

Solana boasts fast and affordable transactions, yet encounters challenges when it comes to meeting the specific needs of games. The volume of transactions initiated by players can exceed the network’s capacity, resulting in delayed processing times that disrupt seamless real-time gameplay and diminish immersion.

— Sonic (@SonicSVM) April 6, 2024

 

One significant benefit of HyperGrid is that game developers have the freedom to utilize their preferred development tools to create distinct, on-chain gaming experiences. This simplifies the process of constructing captivating virtual worlds. On the other hand, Sonic offers extended functionality in areas such as traffic management, multiple payment methods, quick transaction processing, and uncomplicated onboarding. These features make it more enticing for games to welcome newcomers into the Web3 environment.

In the long run, Sonic aspires to serve as the base for a vibrant, varied gaming community on Solana by addressing its present challenges. With HyperGrid, it boasts a significant edge as it’s compatible with Ethereum Virtual Machine (EVM) blockchains and smart contracts. Consequently, games developed on EVM chains have the opportunity to extend their reach to Solana.

As a researcher studying the dynamic world of blockchain gaming, I’ve observed the significant financial resources amassed by Sonic. With this substantial war chest, Sonic is confidently positioning itself at the forefront of the mission to expand Solana’s GameFi economy. This ambition was born from my experiences over the past two years working closely with hundreds of game developers, assisting them in launching their games on the Solana platform.

He strongly believed that Sonic SVM would play a crucial role in bringing thousands of new games to the Solana gaming platform during the summer season, facilitating their launch and market entry with its assistance.

According to Bitkraft Principal Justin Swart, Sonic is poised to emerge as the preferred choice for game studios aiming to develop projects on Solana. Swart is convinced of Solana’s immense potential as a significant gaming blockchain.

I’ve observed an impressive growth in Solana’s user base over the past year, with over a million active addresses now part of the network. As an analyst, I believe the Sonic HyperGrid offers an excellent platform for developing engaging and high-quality games to cater to this expanding community.

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2024-06-18 16:50