Solana Optimistic Network (SOON) announced the closure of a funding round for its Solana-based scaling solution, according to an Aug. 27 announcement. Unlike traditional rounds, funds were solicited exclusively from individuals.
Funding Round Announcement
Solana Optimistic Network announced the closure of a 'co-builder' funding round, which saw participation from key figures at Solana Foundation, Solana Labs, Coinbase Ventures, Celestia, and Avail. The amount of funding raised was not disclosed.
Description of Key SOON Products
The funds from the round will support the development of the company's core products: SOON Stack and SOON Mainnet. SOON Stack is a modular framework that combines Solana Virtual Machine (SVM) and OP Stack, allowing SVM to be deployed on any layer 1 such as Ethereum, Bitcoin, and Cosmos. SOON Mainnet is a general-purpose SVM layer 2 deployed on Ethereum.
Impact and Future Development
SOON aims to combine Solana's powerful engine with the liquidity and user base from other layer 1 blockchains to make SVM the standard for every layer 1 ecosystem. The company plans to integrate with data availability layers like CelestiaDA, EigenDA, and Avail. The cost of securely storing and accessing transaction data remains a significant bottleneck for second-layer scaling chains. Ethereum's Dencun upgrade in March sought to address this issue with temporary off-chain data stores.
The closure of the funding round and the further development of SOON's products demonstrate the company's commitment to solving scaling issues and integrating mechanisms of various blockchain ecosystems.
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