SOON Completes Funding Round for Solana-Based Layer 2

August 28, 2024 04:29 PM AEST | By Team Kalkine Media

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SOON Completes Funding Round for Solana-Based Layer 2 — Image source: shutterstock

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Solana Optimistic Network (SOON) has successfully concluded a funding round for its Solana-based layer-2 scaling solution, as announced on August 27. This “co-builder” round exclusively attracted contributions from individuals rather than venture firms. Notable participants include executives from Solana Foundation, Solana Labs, Coinbase Ventures, Celestia, and Avail.

The current funding environment for Web3 startups is showing signs of stabilization following a decline in 2023. Data from Crunchbase indicates that crypto ventures secured approximately $2 billion in funding during the second quarter of 2024.

{Solana Optimistic Network} (SOON) aims to provide an efficient, high-performance rollup solution that enables settlement on various layer-1 blockchains, leveraging the Solana Virtual Machine (SVM) as its execution layer. The raised funds will be allocated towards the development of SOON’s core products, namely SOON Stack and SOON Mainnet. The specific amount of financing acquired has not been disclosed.

SOON Stack is described as a modular framework that integrates the SVM with the OP Stack, enabling deployment of an SVM layer-2 on any layer-1 blockchain such as Ethereum, Bitcoin, and Cosmos. SOON Mainnet, on the other hand, represents a general-purpose SVM layer-2 that will be deployed on Ethereum.

Joanna Zeng, co-founder and CEO of SOON, articulated the vision for SOON, stating the goal is to leverage the power of Solana’s SVM and the liquidity and user base of other layer-1 ecosystems. The aim is to standardize the SVM across various layer-1 environments, thus enhancing the user experience for developers constrained by current execution environments.

SOON also plans to integrate with data availability (DA) layers, including CelestiaDA, EigenDA, and Avail. Addressing the challenges associated with securely storing and accessing transaction data has been crucial for layer-2 scaling solutions. Ethereum's recent Dencun upgrade introduced temporary offchain data stores known as "blobs" to tackle this issue, while protocols such as EigenDA and Celestia offer alternative solutions.

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