SOON raises $22m through NFT sale ahead of L2 mainnet

OON has raised $22 million through the sale of its “COMMing SOON” NFTs ahead of its mainnet launch. 

The funds will support the rollout of its Layer 2 mainnet, designed to enhance the speed and efficiency of Ethereum and other blockchain networks, according to a note shared with crypto.news.

SOON’s technology utilizes Solana’s Virtual Machine as its execution layer. This means it employs Solana’s transaction processing capabilities but applies them to Ethereum, effectively combining two major blockchain ecosystems. 

The mainnet offers a block time of just 50 milliseconds, enabling faster transaction processing compared to Ethereum, which has slower transaction speeds. 

SOON’s architecture separates its execution and settlement processes, a method known as a decoupled SVM.

This sets it apart from existing solutions that modify Solana’s framework rather than redesigning it. So far, over 11,000 ETH have been locked into SOON’s testnet, which has processed more than $102 million in transactions within two months.

Funding countributions

Hack VC led the funding round, with additional contributions from investors such as ABCDE, Hypersphere, and others. SOON has also garnered support from prominent figures in the blockchain industry, including Solana Labs Co-Founder Anatoly Yakovenko and Solana Foundation President Lily Liu.

To broaden accessibility across different networks, SOON is developing additional blockchain solutions, including svmBNB and Cytonic. These initiatives aim to improve cross-chain interoperability, enabling seamless communication between blockchains. 

The project also emphasizes a community-first approach, allocating 51% of its $SOON tokens to community members.

This strategy is designed to encourage widespread adoption and foster support for projects leveraging SOON, from artificial intelligence applications to decentralized finance platforms.