Solana Optimistic Network (SOON)

The Solana Optimistic Network, commonly known as SOON, successfully raised $22 million through an NFT sale in preparation for its mainnet launch.

SOON is unique among Ethereum scaling layers as it employs the Solana Virtual Machine (SVM). Alexander Pack, co-founder of Hack VC, indicated that the SVM has become a pivotal developer environment in crypto, alongside Ethereum’s EVM, and positions SOON as a solution to enhance blockchain interoperability.

Prominent investors in this funding include ABCDE, Hypersphere, SNZ Capital, Anagram, ArkStream Capital, GeekCartel, PAKA, Web3Port, and MH Venture. Support for the project has been bolstered by notable figures from the Solana ecosystem, including co-founder Anatoly Yakovenko, Solana Foundation President Lily Liu, and Robinson Burkey, a co-creator of the Wormhole Foundation. Mustafa Al-Bassam, co-founder of Celestia Labs, is also a key supporter.

BMAN, co-founder of ABCDELabs, expressed excitement over the potential of the SVM for enhanced expressiveness and scalability across ecosystems, having focused on the EVM previously.

The SVM serves as the core execution layer of the Solana blockchain, utilizing a parallel processing model for smart contracts and decentralized applications, contrasting with the EVM’s sequential model.

Currently, over 11,000 ETH, valued at approximately $36 million, has been locked on the SOON testnet bridge, with future plans for expansion to additional chains beyond Ethereum.

SOON positions itself as the “first true SVM rollup,” distinguishing its architecture by employing a decoupled SVM model that separates execution and settlement layers.

Funds garnered from the “COMMing SOON” NFT mint will facilitate SOON ecosystem growth, with 51% of the network’s SOON tokens allocated to the community.

Notably, individuals from the U.S., China, Cuba, North Korea, Iran, Libya, North and South Sudan, and Ukraine are prohibited from participating in the sale.