Key Points:
Sonic, the gaming-focused Layer 2 network from the Solana Ecosystem, has just closed a Series A funding round of $12 million led by Bitkraft Ventures, who brought Galaxy Interactive and Big Brain Holdings into the mix. The funding round, leading since opening in April, successfully increased Sonic’s valuation to $100 million.
Developed by Mirror World Labs, Sonic utilizes a proprietary technology known as the HyperGrid Framework. This innovation offers horizontal scaling on Solana through rollups, improving Sonic’s ability to deliver a quick, cost-effective on-chain gaming experience via SVM.
The Sonic project initially evolved as a mobile game, and only later did the team feel that better gaming infrastructure was needed. Sonic’s Layer 2 network is meant to enhance gaming adoption on Solana.
In addition to the first Sonic, now a tech demo, Sonic developed a decentralized application called World Store. The asset aggregator helps the studios distribute and settle game assets.
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Later this week, Sonic will launch its incentivized testnet campaign called “Odyssey.” Users may send transactions, play games that are launching on Sonic, and earn “rings” for on-chain activities.
The mainnet and its own token are due to launch in the third quarter of this year. To live up to all these expectations, Sonic is looking at a global expansion of its core developer team, developer and game relations team, and marketing team.
Currently, the firm has a 20-strong team operating out of New York. Moreover, it has a $20 million grants program in place to incentivize game developers to work with its platform.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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