SOON (Solana Optimistic Network), a General-Purpose Layer-2 (L2) Solution Built on Ethereum, Has Successfully Raised $22 Million Through an NFT Sale

The sale, led by Hack VC with participation from prominent firms like ABCDE, Anagram, and Hypersphere, aims to accelerate the growth of the SOON ecosystem.

Layer-2 (L2) solution SOON, built on Ethereum, has announced the successful conclusion of an NFT sale that raised $22 million to support its blockchain infrastructure and mainnet launch.

The sale, led by Hack VC and joined by renowned firms such as ABCDE, Anagram, and Hypersphere, was held to bolster the growth of the SOON ecosystem.

Designed as a general-purpose L2, SOON employs the Solana Virtual Machine (SVM) for its execution layer. It claims to surpass Solana in speed, offering average block times of 50 milliseconds, notably faster than Solana's 400 milliseconds.

A substantial portion of the raised funds will be allocated to infrastructure development, as SOON emphasizes decentralization and community-driven growth.

In terms of tokenomics, SOON adopts a community-first approach, allocating over 51% of its token supply to the community. The remaining tokens are earmarked for the ecosystem fund, liquidity provision, team, and treasury. This fair-launch strategy ensures equal terms for both VCs and the broader community, fostering a more inclusive growth model.

The fair launch aligns with a growing trend towards decentralized token distributions, following successful initiatives such as the Hyperliquid (HYPE) token, signaling a shift towards community-driven blockchain projects.

At press time, Ethereum (ETH) price is $3,284.52, indicating a 0.95% decrease from the previous day's closing price of $3,315.92. As of 9:17 AM (GMT-(-5) on Wednesday, January 22, 2025, ETH's total market capitalization is $395.791 billion, with a 24-hour trading volume of $25.285 billion.