Ethereum L2 Project SOON Secures $22M in NFT Funding Through SVM Technology
Solana Optimistic Network (SOON), a new Ethereum layer-2 network built using the Solana Virtual Machine (SVM), has officially launched on the Ethereum mainnet. The network aims to bring the benefits of Solana's high-performance blockchain to the Ethereum ecosystem.
The network's launch comes after a successful $22 million NFT sale, led by Hack VC, and participation from other notable investors such as ABCDE, Anagram, Hypersphere, SNZ Capital, ArkStream Capital, GeekCartel, PAKA, Web3Port, MH Ventures, and IDG Capital.
Token Allocation and Funding
SOON's tokenomics model is community-first, with 51% of the token supply allocated to the community. 25% of the tokens are reserved for the ecosystem fund, while 8% is allocated to airdrops and liquidity provision. The project's treasury has 6% of the tokens, and the team and core contributors have 10% to share.
According to Joanna Zeng, co-founder and CEO of SOON, the network's SVM achieves horizontal scaling with an average block time of approximately 51 milliseconds. Zeng also stated that the company offered equal deal terms for VCs and the community, ensuring a fair launch token distribution.
Parallel Processing Model
SOON adopts a Parallel Processing Model from the Solana Virtual Machine to process smart contract and DeFi transactions. This model allows the network to handle thousands of transactions per second, making it an ideal solution for scaling the Ethereum ecosystem.
Expansion Plans
While no new information about SOON expanding support to other layer-1 blockchains was provided, the team has stated that they plan to do so in the future. Alexander Pack, co-founder of Hack VC, commented that SOON is an ideal solution for making Solana's SVM ubiquitous across all blockchains.
Context and Future Outlook
The launch of Solana Optimistic Network (SOON) is the latest development in Solana's growing ecosystem. The network is recognized for its cutting-edge technology and vibrant developer community, which underpins optimistic price predictions through 2025 and beyond. Price forecasts range from $300 to potentially $1,000 per SOL by the end of 2025, driven by factors like institutional interest, possible U.S. Solana spot ETFs, technical upgrades such as the Firedancer Validator Client expected in late 2025, and strong developer activity rivaling Ethereum.
References
- CoinDesk
- Investopedia
- Cointelegraph
- CoinMarketCap
In the spirit of fostering a fair distribution, SOON's launch tokens were offered to VCs with equal deal terms as the community, reflecting the network's commitment to its community-first tokenomics. Amidst the growth of the Solana ecosystem, SOON's Parallel Processing Model, derived from the Solana Virtual Machine, allows for the processing of thousands of transactions per second, potentially enabling SOON to scale the Web3 news landscape beyond Ethereum.
