Solana Layer 2 Sonic raises funds at $100 million token valuation
Summary
Sonic, a Solana SOL -4.98% Layer 2 network focused on gaming, has raised $12 million in a Series A funding round. "Sonic offers an exceptionally fast on-chain game experience, powered by Solana Virtual Machine (SVM), at minimal cost," Zhu said, adding that developers can "seamlessly deploy dApps [decentralized applications] from Ethereum ETH -3.32% Virtual Machine (EVM) chains to Solana via HyperGrids interpreter. He added that specific applications may require custom features such as privacy, instant settlements, asset transfer rules and compliance, which were not supported.The Sonic game still exists and is used as a demo for technical documentation, Zhu said. Ronin Chain and Redstone Network can also be considered Sonics competitors, he added.Sonic is currently on devnet, where the first set of five gaming studios is building with its tech, Zhu said. Sonics current headcount is 20 people, and its core team is in New York.Sonic also has grants and acceleration programs to onboard game developers onto its platform.