⚡ Investors Pour $12M into Sonic, the L2 Blockchain
posted 18 Jun 2024
Sonic, a second-layer gaming blockchain built on Solana, has raised $12 million in its latest funding round, reaching a diluted valuation of $100 million. Prominent venture firms like Bitkraft Ventures, Galaxy Interactive, OKX Ventures, and others participated in the investment.
The funding, which began in April and lasted about two months, surpassed the previous round's $4 million by three times. Investors received equity tokens, with Bitkraft gaining a board seat. Sonic is set for a preliminary launch in Q3 2024.
We expect the Sonic SVM to become the go-to destination for any gaming studio that wants to build games within the Solana ecosystem,said Justin Swart, principal at Bitkraft.
Sonic is developed by Mirror World Labs, utilizing their proprietary HyperGrid Framework for horizontal scaling on Solana. The CEO highlights that the platform offers very fast transactions on the Solana Virtual Machine with minimal costs.
Currently in the developer network (dev) phase, Sonic is being tested by five gaming studios. The team plans to soon open access to users, allowing them to earn special points for specific activities (games, transactions, etc.), which can likely be redeemed for rewards.
More breaking news
More breaking news
Breaking news
⚡ ZachXBT Exposes $243 Million Crypto Heist
Breaking news
📣 DZ Bank Introduces Cryptocurrency Services
