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SOON (Solana Optimistic Network), a general-purpose layer-2 (L2) solution built on Ethereum, has successfully raised $22 million through an NFT sale to mark the launch of its mainnet and support its blockchain infrastructure. 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.
The platform uses the Solana Virtual Machine (SVM) for its execution layer and claims to outperform Solana in speed, offering average block times of just 50 milliseconds—significantly faster than Solana’s 400 milliseconds. A large portion of the funds will be directed towards infrastructure development, with SOON focusing on decentralization and community-driven growth.
SOON’s tokenomics is community-first, allocating over 51% of its token supply to the community, while the remaining tokens are reserved for the ecosystem fund, liquidity provision, team, and treasury. This fair-launch approach ensures equal terms for both VCs and the broader community, fostering a more inclusive growth model.
SOON’s fair launch strategy mirrors the increasing trend of decentralized token distributions, following successful initiatives like the Hyperliquid (HYPE) token, signaling a shift towards community-driven blockchain projects.
Ethereum (ETH) is currently priced at $3,284.52, showing a decrease of 0.95% from its previous close of $3,315.92. As of 9:17 AM (GMT-5) on Wednesday, January 22, 2025, the total market capitalization of Ethereum stands at $395.791 billion, with a 24-hour trading volume of $25.285 billion.
Disclaimer: This article is for informational purposes only and should not be considered financial advice.