Solana-based Layer 2 Sonic has successfully secured $12 million in a Series A funding round, with Bitkraft Ventures leading the investment. This round also saw participation from Galaxy Interactive and Big Brain Holdings, among others. The latest funding round values Sonic at $100 million, as disclosed by the company's founder and CEO, Chris Zhu.
Solana-Based L2 Sonic
More About Sonic?
Sonic is being developed by Mirror World Labs (MWL), the legal entity behind the HyperGrid Framework technology. This innovative framework leverages Solana rollups to enable horizontal scaling, allowing developers to seamlessly deploy decentralized applications from the Ethereum Virtual Machine (EVM) to Solana.
The company stated that this seamless integration facilitates an exceptionally fast on-chain gaming experience powered by the Solana Virtual Machine (SVM), at minimal cost. Sonic’s vision is to expand the existing Solana Gaming Ecosystem to process millions of requests per second per game and settle them back onto Solana L1.
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Details of $12M Series A
The Series A round was structured as equity with token warrants, bringing Sonic's total funding to $16 million following a $4 million seed round announced in 2022. Bitkraft Ventures, in addition to leading the funding round, will also join Sonic's board, further solidifying their involvement and support for the project.
Chris Zhu emphasized the unique benefits of their technology, stating, “Sonic provides an exceptionally fast on-chain game experience, powered by Solana Virtual Machine (SVM), at minimal cost.” This advanced technology positions Sonic as a notable addition to the blockchain gaming space.
Justin Swart, Principal at Bitkraft Ventures, expressed optimism about Sonic's potential within the gaming industry. He highlighted the SVM's capabilities, expecting it to become "the go-to destination for any gaming studio that wants to build games within the Solana ecosystem."
Bitkraft Ventures Leads $12M Series A for Solana-Based L2 Sonic
Sonic Testnet Odyssey
Sonic's recent announcement also includes the upcoming launch of its incentivized testnet campaign, Odyssey. The testnet will allow participants to play games and send transactions, earning rewards in the form of "rings." While these rings are not directly convertible to Sonic tokens, contributors will still be rewarded in some form, Zhu mentioned.
Looking ahead, Sonic plans to launch its native token alongside its mainnet in the third quarter of 2024, marking another significant milestone for the blockchain gaming platform. For more information please check the official company website here.
