
SOON, the Ethereum layer-2 solution, successfully garnered $22 million through a non-fungible token (NFT) sale, marking the launch of its mainnet. This move underscores SOON’s dedication to community-driven expansion, underscored by fair tokenomics and Solana Virtual Machine integration.
SOON’s distinctive proposition is its general-purpose layer-2 solution that integrates with the Solana Virtual Machine (SVM) as an execution layer. Reports indicate that SOON’s mainnet boasts faster and more efficient functionality than Solana, with an impressive average block time of 50 milliseconds compared to Solana’s 400 milliseconds.
The NFT sale involved multiple prominent investors, including Hack VC, ABCDE, Anagram, Hypersphere, SNZ Capital, ArkStream Capital, GeekCartel, PAKA, Web3Port, MH Ventures, and IDG Capital. Joanna Zeng, SOON’s co-founder and CEO, disclosed that the sale was a transformative point for the initiative. Unlike traditional fundraising solely from venture capitalists, SOON chose to offer equal deal terms to both VCs and the community, securing a balanced token distribution.
The funds raised aim to fortify the SOON ecosystem’s development and expand its infrastructure. Zeng emphasized the project’s unique capabilities by highlighting how the separation of the transaction processing unit (TPU) led to a specialized rollup SVM, achieving horizontal scaling and setting new benchmarks for blockchain network speeds.
A key element of SOON’s strategy is its community-first tokenomics model, with over 51% of token supply allocated to the community. Additionally, 25% of the tokens are designated for the ecosystem fund, 8% for airdrops and liquidity, 10% for the team and core builders, and the remaining 6% for the project’s treasury.
This equitable distribution is part of a broader trend towards decentralized token launches, drawing comparisons to the recent launch of the Hyperliquid (HYPE) token. Emphasizing decentralized operations and fair token pricing, such launches represent a shifting paradigm in the cryptocurrency space, where decentralized distribution models are increasingly appealing to investors concerned with fair launches devoid of preferential allocations for venture capital firms.