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Home»ADOPTION NEWS»Solana Optimistic Network Raises Funding in ‘Cobuilder’ Round Without Participation of VC Firms
ADOPTION NEWS

Solana Optimistic Network Raises Funding in ‘Cobuilder’ Round Without Participation of VC Firms

By Crypto FlexsAugust 27, 20243 Mins Read
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Solana Optimistic Network Raises Funding in ‘Cobuilder’ Round Without Participation of VC Firms
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Solana Optimistic Network, known as SOON, has raised an undisclosed amount in a “cobuilder” round.

Participants include Solana Foundation Chair Lily Liu, Solana Labs Co-Founder Anatoly Yakovenko, Coinbase Ventures President Jonathan King, Celestia Labs Co-Founder Mustafa Al-Basam, Avail Co-Founder Robinson Burke, and Wormhole Foundation Co-Founder Robinson Burke.

According to the press release, the round is targeted solely at construction companies (as the name suggests) and claims no venture capital firm involvement.

According to a press release, the funds raised will be used to build the flagship product, the SOON Stack and the SOON Mainnet, making SOON “the highest throughput rollup stack that brings scalability and efficiency to decentralized applications and all layer 1 blockchains.”

SOON Stack is a modular framework that combines SVM and OP Stack. SOON Mainnet is a general-purpose SVM Layer 2 that has settled on Ethereum.

“SOON’s vision is to combine Solana’s powerful engine and SVM with the liquidity and user base of other L1s, and make SVM the standard for the entire L1 ecosystem. This will allow all developers, previously constrained by their execution environment, to deliver the best possible UX to their users,” said Joanna Zheng, CEO and co-founder of SOON.

“With SOON, we aim to deliver the most efficient rollup while reducing costs and increasing performance 100x across the ecosystem. This complements our culture of being friendly to non-Solana blue chips compared to the highest performing EVMs,” Zeng added.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information on the cryptocurrency industry. Below are the current financial disclosures.

© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

About the Author

Adam is the Editor-in-Chief for Europe, Middle East and Africa. He is based in Central Europe and was the Editor-in-Chief and podcaster at OKX Insights, the former research arm of OKX, a cryptocurrency exchange. Prior to that, he co-founded BeInCrypto.com, which he led as its editor-in-chief to become one of the top crypto media brands at its peak. He was previously the Editor-in-Chief of Bitcoinist.com. Prior to joining the blockchain and cryptocurrency industry, he worked at Looper.com, Grunge.com, and SVG.com. He can be found tweeting at @XBT002 and emailing him at (email protected).
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