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.
Readmore: Tether Synthetic Dollar Backed By Gold To Launch On Ethereum
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. |
Get ready for the ultimate AI event of the year at the RenAIssance: Real Not-Bluffing…
A LayerZero critical vulnerability is being suspected by users, causing CEO Bryan Pellegrino to speak…
Polymarket punters now estimate a 44% chance Joe Biden presidential campaign will end before November.
Pepecoin (PEPE) has long been a trailblazer in the meme cryptocurrency space, leveraging the viral…
This guide explores 4 altcoins guaranteed to give you the easiest 100x of your life:…
Floki Inu scam warning is notified to users about unauthorized tokens falsely associated with its…
This website uses cookies.