You can also find out more about the following: Solana Optimistic Network, or SOON for short, has raised an unspecified amount through a funding round with co-builders that included contributions from prominent industry players. This was revealed in a statement released on August 27. CryptoSlate.
Lily Liu (Solana leader) and Anatoly ‘ Toly’ Yakovenko, Coinbase Ventures principal Jonathan King. Celestia Labs co-founder Mustafa Al-Bassam. Amrit Kumar is the cofounder of AltLayer. Prabal Banerjee is cofounder of Avail. Robinson Burkey cofounder of Wormhole Foundation.
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This funding is primarily to advance SOON Stack. It aims to develop the most high-performance and efficient rollup of Layer 1 settlements using the Solana Virtual Machine as an execution layer.
These funds will be used to support SOON’s flagship products including SOON Mainnet and SOON Mainnet. The SOON Stack framework is a modular platform that combines SVM with OP Stack. This allows the deployment of SVM Layer 2 in Layer 1s such as Ethereum, BitcoinThen, Cosmos.
SOON Mainnet, a general purpose SVM Layer 2 system that is deployed on Ethereum’s blockchain using SOON Stack, has been designed to be a multi-purpose solution. SOON’s goal is to boost Ethereum’s capacity for transactions by 650,000 Transactions per Second (TPS).
SOON also plans to add a layer of data availability, which will enhance interoperability between CelestiaDA and Avail.
The funding will allow SOON to become the most efficient rollup stack, with the lowest fees. This is expected for all Layer 1 Blockchains.
Joanna Zeng, CEO of SOON stated that this platform would combine Solana’s powerful SVM Engine with Layer 1 users. This approach, she said, could make SVM the standard in every Layer 1 eco-system and attract developers.
Zeng added
“With SOON, we aim to be the most efficient rollup, reducing costs and boosting performance by 100 times in every ecosystem, compared to the highest-performing EVM, while maintaining a culture that welcomes non-Solana blue chips.”
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Source: cryptoslate.com