SOON closes funding round for Solana-based layer 2
Summary
Solana Optimistic Network (SOON) has closed on a funding round for its Solana-based layer-2 scaling solution, according to an Aug. 27 announcement.The so-called co-builder round only solicited funds from individuals, not venture firms. According to Crunchbase, crypto ventures locked up some $2 billion in financing in the second quarter of 2024.SOON is designed to be an efficient, high-performance rollup that allows for settlement on any layer-1, using the Solana Virtual Machine (SVM) as the execution layer, according to the announcement.SOON said the funds from the round will support building its core products, SOON Stack and SOON Mainnet. SOON Mainnet is a general-purpose SVM layer 2 deployed on Ethereum.Our vision with SOON is to combine the power engine of Solana, SVM with liquidity and user base from other L1s, and to make SVM the standard for every L1 ecosystem - so every developer who has been constrained by the execution environment can bring the best UX to users, said Joanna Zeng, co-founder and CEO of SOON.SOON is designed to integrate with data availability (DA) layers, including CelestiaDA, EigenDA and Avail.The cost of securely storing and accessing transaction data has been a serious bottleneck for layer-2 scaling chains. Ethereums Dencun upgrade in March sought to address this issue with temporary offchain data stores called blobs. Other protocols, such as EigenDA and Celestia, offer competing solutions.Magazine: Dorseys marketplace of algorithms could fix social media so why hasnt it?