Solana-Based L2 Sonic Secures $12M Series A
Solana-based Layer 2 solution Sonic has successfully raised $12 million in a Series A funding round, led by Bitkraft Ventures. Other participants included Galaxy Interactive and Big Brain Holdings, among others. This latest funding round values Sonic at $100 million, according to Chris Zhu, founder and CEO of the company.
More About Sonic
Sonic is developed by Mirror World Labs (MWL), the entity behind the HyperGrid Framework technology. This innovative framework utilizes Solana rollups to achieve horizontal scaling, enabling developers to deploy decentralized applications seamlessly from the Ethereum Virtual Machine (EVM) to Solana.
The integration aims to deliver a highly efficient on-chain gaming experience using the Solana Virtual Machine (SVM), at minimal cost. Sonic's vision is to expand the Solana Gaming Ecosystem, processing millions of requests per second per game and settling them on Solana L1.
Details of $12M Series A
The Series A funding round, structured as equity with token warrants, brings Sonic's total funding to $16 million, following a $4 million seed round in 2022. Bitkraft Ventures, leading this round, will also secure a position on Sonic's board, underscoring their commitment and support.
Chris Zhu highlighted Sonic's technological advantages, stating, “Sonic provides an exceptionally fast on-chain game experience, powered by Solana Virtual Machine (SVM), at minimal cost.” This positions Sonic as a significant player in the blockchain gaming sector.
Justin Swart, Principal at Bitkraft Ventures, expressed confidence in Sonic's potential within the gaming industry, citing the capabilities of SVM and predicting it to become "the preferred destination for any gaming studio looking to develop games within the Solana ecosystem."
Sonic Testnet Odyssey
Sonic has also announced the upcoming launch of its incentivized testnet campaign, Odyssey. Participants can engage in gaming and transaction activities, earning rewards in the form of "rings." Although not directly convertible to Sonic tokens, contributors will receive rewards in another form, Zhu confirmed.
Looking forward, Sonic plans to introduce its native token alongside its mainnet in Q3 2024, marking a significant milestone for the blockchain gaming platform. For more details, visit the official company website.
