Presales

Ethereum Layer 2 SOON Raises $22M: Is Revolutionary Solana Layer 2 The Better Play?

While SOON is another Ethereum L2, Solaxy is a first-of-its-kind Solana native L2 solution and has already raised over $13 million in funding

By Alex Ioannou

Last Updated: Jan 22, 2025

Fact checked

By Sam Cooling

While SOON is another Ethereum L2, Solaxy is a first-of-its-kind Solana native L2 solution and has already raised over $13 million in funding

Market attention is gravitating on SOON – the new Ethereum L2 – but is a revolutionary new Solana Layer 2 named SOLX a better play?

SOON (Solana Optimistic Network) has raised $22 million via an NFT sale to coincide with the launch of its mainnet and to invest in blockchain infrastructure.

The announcement, made via an X article, highlights the launch of SOON’s general-purpose layer-2 (L2) solution and how the platform utilizes the Solana Virtual Machine (SVM) as its execution layer.

(X)

What Is SOON?

Built on Ethereum, the SOON mainnet claims to outperform Solana in speed and efficiency, delivering average block times of 50 milliseconds compared to Solana’s 400 milliseconds.

The $22 million NFT sale was led by Hack VC, with participation from firms including ABCDE, Anagram, Hypersphere, SNZ Capital, ArkStream Capital, and others.

According to Joanna Zeng, co-founder and CEO of SOON, the launch of the COMMing SOON NFT mint was a “pivotal moment” for the project.

In an interview with Cointelegraph, Zeng said, “While many founders chose a traditional route and raised exclusively from VC, we chose to offer equal deal terms for VCs and our community, ensuring a fair launch token distribution and allowing both to participate on an equal footing.”

The announcement continued that the vast majority of the $22 million raise will be allocated to support the growth of the SOON ecosystem and develop its infrastructure.

(MEDIUM)

SOON Looking To Follow The Hyperliquid Playbook With Over 51% Of The Token Supply Going To The Community

SOON Price Volume in 24h Price 7d looks to be adopting the Hyperliquid approach regarding its tokenomics and has allocated over 51% of the token supply to the community.

An additional 25% of the tokens have been reserved for the ecosystem fund, 8% allocated to airdrops and liquidity provision, 10% to team and core builders, and 6% to the project’s treasury.

Fair-launch tokens with no initial allocation for venture capital firms are becoming more popular following the decentralized launch of the Hyperliquid (HYPE) token.

After staging the most valuable airdrop in crypto history worth over $7.5 billion, Hyperliquid’s tokenomics have since become the gold standard for projects to follow.

Solana Layer-2 Solution Solaxy (SOLX) Has Raised $13 Million In Presale Funding And Is Still Going

Talking of L2 solutions, Solaxy (SOLX) has been gaining increasing attention and is close to raising $15 million in less than a month of being live.

It is the first L2 solution on Solana focusing on meme coins and has achieved an incredible amount of early-stage funding from whales and smart investors alike.

Solaxy aims to address Solana’s network congestion challenges head-on with its L2 technology. Unlike traditional L2 solutions that may divert resources from the base layer, Solaxy enhances Solana’s capabilities without compromising its integrity.

It does so by moving transaction processing to its own infrastructure while maintaining compatibility with Solana’s ecosystem. As a result, Solaxy ensures seamless operations even during peak network activity, which will be pushed to the limit in this upcoming bull run.

There are less than 24 hours before the next price stage increase, meaning the current price per SOLX of $0.00161 will soon be gone for good.

Additionally, there is a built-in staking protocol for the Solaxy presale whereby investors can stake their SOLX for over 285% APY in passive income.

For the latest updates on the project, connect with the SOLX community on X and Telegram 

Visit the Solaxy Presale Website Here

EXPLORE: The Safer Bet: Why $MEMEX Indexes Outperform Single Meme Coins in Bearish Markets

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Alex Ioannou
Alex Ioannou
On-Chain Journalist

Alex is an aspiring writer focusing on the more degen side of the crypto world. Always on the lookout for the next hot narrative. Read More

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