Ethereum Layer 2 SOON Raises $22M, Uniting Solana's SVM with Ethereum

A new Ethereum Layer 2 scaling solution called SOON is making waves in the crypto world, raising $22 million in an NFT sale ahead of its mainnet launch. What sets SOON apart is its unique approach: it leverages the Solana Virtual Machine (SVM) instead of the more common Ethereum Virtual Machine (EVM), promising enhanced scalability and a bridge between two of the largest blockchain ecosystems.

Investors Bet Big on SOON's Vision: A $22 Million Vote of Confidence

The $22 million raise, led by Hack VC with participation from ABCDE, Hypersphere, SNZ Capital, Anagram, ArkStream Capital, GeekCartel, PAKA, Web3Port, and MH Venture, reflects strong investor confidence in SOON's innovative approach. The project has also garnered support from prominent figures in the Solana ecosystem, including Solana co-founder Anatoly Yakovenko and Solana Foundation President Lily Liu.

"Solana's SVM has joined Ethereum's EVM to become one of the two most important developer environments in crypto, and SOON is an ideal solution for making it ubiquitous across all blockchains," said Alexander Pack, co-founder of Hack VC.

The Power of Parallel Processing: How SOON Leverages Solana's SVM

SOON's use of the SVM, the core execution layer of the Solana blockchain, allows it to process smart contracts and decentralized applications in parallel, unlike the EVM's sequential processing model. This difference in architecture could potentially lead to significant improvements in transaction speed and throughput.

The project further differentiates itself by employing a "decoupled SVM architecture," separating its execution layer from its settlement layer. SOON also bills itself as "the first true SVM rollup."

NFT Sale Fuels Ecosystem Growth: Community Allocation a Priority

The recent "COMMing SOON" NFT mint, which raised the $22 million, will support the growth of the SOON ecosystem. Additionally, 51% of the network's SOON tokens are earmarked for community allocation.

The project's testnet bridge has already attracted significant interest, with over 11,000 ETH, worth approximately $36 million, locked on the platform. While the sale was not available to users in certain jurisdictions, including the U.S., China, and others, the strong participation highlights the anticipation surrounding SOON's mainnet launch.