TL;DR
- SOON has raised funds in a “CoBuilder” round with no participation from venture capital firms.
- The funds will be used to develop Stack and Mainnet, improving scalability and efficiency.
- SOON aims to make SVM the standard across all Layer 1 ecosystems, boosting performance and reducing costs.
Solana Optimistic Network, known as SOON, has announced a fundraising round called “CoBuilder.” Unlike traditional rounds, this one stands out due to the total absence of venture capital firms, focusing exclusively on the participation of builders and key figures within the Solana ecosystem and beyond.
Among the participants in this round are Lily Liu, President of Solana Foundation, Anatoly Yakovenko, Co-founder of Solana Labs, Jonathan King, Principal at Coinbase Ventures, Mustafa Al-Bassam, Co-founder of Celestia Labs, and Robinson Burkey, Co-founder of both Avail and Wormhole Foundation. This selection of participants by SOON aims to join forces with those directly involved in the construction and expansion of the blockchain ecosystem, enhancing technical and community development.
We are excited to announce the Soon Co-Builders Round.
With the support from top builders such as @aeyakovenko co-founder of @solana, @calilyliu the president of @Solanafndn, @musalbas co-founder of @CelestiaOrg, @TheRealKartik co-founder of @EthGlobal, @0xkatz founder of… pic.twitter.com/XcEkDMBOPc
— SOON – Solana Optimistic Network (@soon_svm) August 27, 2024
SOON: Efficiency and Reduced Costs
The funds raised, whose exact amount has not been disclosed. Will be used to advance two key projects within SOON: Stack and Mainnet. SOON Stack is a modular framework that integrates the Solana Virtual Machine (SVM) with the OP Stack architecture, allowing the combination of Solana’s execution power with the flexibility and compatibility offered by the Ethereum ecosystem. Meanwhile, SOON Mainnet is shaping up to be a Layer 2 solution based on SVM that aims to settle on Ethereum, providing a general-purpose platform for decentralized applications.
SOON’s vision is ambitious: it seeks to become the most efficient rollup stack on the market. Improving the scalability and efficiency of decentralized applications on any Layer 1 blockchain. According to Joanna Zeng, CEO and Co-founder of the platform. The company aims to increase performance by 100 times compared to current solutions based on Ethereum Virtual Machine (EVM). While significantly reducing operating costs.
Additionally, Zeng emphasized SOON’s intention to establish SVM as the execution standard across all Layer 1 ecosystems. Allowing developers to overcome current limitations and offer a superior user experience (UX).
