Solanas second-layer network Sonic: Raising tens of millions of dollars, Odyssey airdrop

Original | Odaily Planet Daily

Author | Nanzhi

Yesterday, Solanas second-layer network Sonic announced the completion of a $12 million Series A financing. Compared with most EVM networks, Solana is known for its high performance. Why is a second-layer network needed? In what ways will Sonic create value for Solana? Odaily will explain Sonics vision, features, and recent opportunities for participation in this article.

Interpretation Project

Why do we need Sonic?

Solana is known for its high performance, but with the gradual increase in users, applications, and network activities, it is not stretched to the limit. For example, individual network fees will soar to tens or even hundreds of dollars. However, during the ORE mining period and the Meme coin boom, the user-perceivable delay and failure rate increase still highlight the necessity of expansion. Sonic made a more detailed data analysis:

First, in terms of the number of users, the number of wallet accounts will increase from 100,000 in 2022 to 1 million in 2023, and is expected to reach 10 million in 2025, 25 million in 2026, and 50 million in 2027.

At the same time, DApp and DeFi activity is growing even faster, with the number of transactions executed per month jumping from an average of 4,188,712 per day in January 2022 to 205,823,984 per day in January 2024 (note: a 48-fold increase). Even conservative estimates predict that daily transactions will far exceed 4 billion by 2026.

Under such demand pressure, the throughput capacity provided by the current architecture of Solana L1 will face major challenges. Currently, under the conditions of 2500-4000 TPS, Solanas average ping time fluctuates between 6 seconds and 80 seconds , and most of the time it is around 40 seconds. In addition, historical data (February to September 2023) shows that when TPS exceeds 4000, the success rate of Solana transactions only reaches 70% to 85% . In addition to the physical delays and fluctuations caused by network conditions, the main reason is related to the increasing saturation of TPS.

Sonic further pointed out that, especially for full-chain games, on-chain interactions of hundreds of thousands or even millions of users will seriously affect the performance of Solanas main chain. Sonic was born to solve the high-concurrency game performance requirements on Solana .

Sonic said that the first batch of game partners include Lumiterra , Rage Erffect, JogoJogo, FoMoney, Kepler Homes, etc. In addition, Sonic has opened a funding plan to recruit more than 20 game partners to log on to the Sonic network.

Sonic Features

According to Sonics official documentation, Sonic is the first atomic SVM chain, designed to enable an independent game economy on Solana. Sonic enables the game economy to be Rollup and settled on Solana. Transactions on Sonic do not require the redeployment of Solana programs and accounts, and can directly benefit from Solanas base layer services and liquidity.

Sonic is built on HyperGrid, Solanas first concurrent expansion framework. HyperGrid aims to introduce customization and scalability while maintaining native composability with Solana. HyperGrid has a fast chain launch function . Sonic said that various narratives can quickly build a chain exclusive to the narrative through HyperGrid. In addition , through HyperGrids interpreter, developers can seamlessly deploy DApps from the EVM chain to Solana .

Finally, Sonic will develop a range of game growth, traffic, payment and settlement infrastructure, providing dedicated underlying code and utilities for game developers.

Financing Details

On June 18, 2024, Sonic announced the completion of a US$12 million Series A financing round, led by Bitkraft Ventures, with participation from OKX Ventures , Mirana Ventures, Galaxy Interactive, Big Brain Holdings, Sanctor Capital, Yunjiu Capital, Matt Sorg and others. The valuation of this round of financing reached US$100 million.

Odyssey Events

Sonic has launched the testnet Odyssey event, which is scheduled to start at 12:00 (UTC+ 8) on June 19. Users can participate through the official website (click to jump). Sonic said that Odyssey will become one of the most important events in the ecosystem, and participating users are expected to earn potential airdrops .

However, due to unknown reasons, the Odyssey website cannot be redirected normally at present, and the official has not responded on the X platform and Discord. Odaily will update the tutorial in this article after the website returns to normal.

This article is sourced from the internet: Solanas second-layer network Sonic: Raising tens of millions of dollars, Odyssey airdrop

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