SOON raises $22 million through NFT sales, Hack VC leads investment

PANews reported on January 22 that according to The Block, the Ethereum Layer 2 project SOON (Solana Optimistic Network) raised US$22 million through an NFT sale called "COMMing SOON" before the launch of the main network. SOON uses Solana Virtual Machine (SVM) as the core execution layer, uses a parallel processing model to improve transaction settlement efficiency, and forms a differentiated competitive advantage with the traditional Ethereum Virtual Machine (EVM) sequential processing model.

The financing was led by Hack VC, with support from ABCDE, Hypersphere, SNZ Capital and other institutions, and was endorsed by well-known figures in the Solana ecosystem. SOON also plans to expand to other blockchains beyond Ethereum through its "decoupled SVM architecture" and allocate 51% of network tokens to the community to promote ecological development. As of now, its test bridge has over 11,000 ETH (approximately $36 million) locked.