Sonic - More than just a Meme coin

2024/06/20 17:28

Sonic, a gaming-focused layer 2 blockchains atop Solana, has raised $12M in a Series A funding round. The Series A round was spearheaded by BITKRAFT, with other noteworthy investors being Galaxy Interactive and Big Brain Holdings.

Sonic has made the headlines by being the first gaming L2 infrastructure to launch on Solana, and the company has promised to use the freshly funded money to fuel further growth for the Sonic protocol.

Beginning of Sonic

Sonic, an atomic SVM l2 built to enable sovereign game economies to expand on the Solana platform. Sonic, powered by HyperGrid - a core technology developed by Mirror World to enable Solana grids -

Spearheading this project is CEO Chris Zhu, a degree holder from New York University, and has previously worked for ByteDance, the parent company of Tiktok.

Fundraising success

This latest fundraising follows an earlier $4 million seed round in 2022, bringing the cumulative funds raised to $16M. The Series A has also brought Sonic to a fully diluted token valuation of $100M.

The first SVM Layer-2 solution for gaming

Sonic features game-specific tools like customisable gaming primitives and extensible data types that help developers to streamline the on-chain gaming experience.

Sonic has also launched attractive grants and acceleration programs to attract new developers within the Solana gaming ecosystem. This initiative will ease the transition for existing game developers to the Sonic SVM and HyperGrid Framework, simplifying the deployment of new game engines and virtual machines within the Solana network.

Sonic’s Future in the Blockchain Gaming Sector

With Sonic’s cutting-edge technology and commitment to innovation, industry experts like Justin Swart, Principal of BITKRAFT believe that Sonic is poised to lead the blockchain gaming industry.

Sonic's CEO Chris Zhu also said, “For the past two years, Sonic has been working with hundreds of games in the WEb3 gaming ecosystem, helping them with monetisation and listing… We believe Sonic SVM will be the key to unlocking the Solana gaming summer, onboarding thousands of games to launch and go to market with our support.”

More news about sonic svm

Jun 23, 2024 1:43 pm
Solana's SVM Layer 2 Sonic Announces Network Upgrade
According to BlockBeats, Solana's atomic SVM Layer 2 Sonic has announced an update on June 23. Due to high demand for the Sonic testnet Odyssey event, the team is upgrading the network to enhance the on-chain user experience. During the upgrade process, some tasks and on-chain interactions will be temporarily suspended. The upgrade is set to begin at 1 PM on June 24, 2024, and will last for approximately six hours. In previous news, Solana's second-layer network Sonic completed a $12 million Series A funding round, led by Bitkraft Ventures. The funding is expected to further bolster the development and expansion of the Sonic network. The upgrade announcement comes as part of the network's continuous efforts to improve user experience and functionality.
Jun 19, 2024 10:14 pm
Solana Game Chain Sonic goes live on the testnet and launches the Sonic Odyssey event
Solana's atomic SVM Layer 2 Sonic announced on the X platform that it has launched the Sonic testnet and launched the Sonic Odyssey testnet event, which will reward Sonic Rings for players who play games and interact on the chain. Earlier news, Solana's ecological second-layer network Sonic completed a $12 million Series A financing, led by Bitkraft Ventures
Jun 11, 2024 12:03 pm
Fantom releases second Sonic governance proposal, plans to airdrop S tokens to Opera and Sonic users
The Fantom Foundation posted on the X platform that the second Sonic governance proposal has been released, outlining plans to airdrop S tokens for Opera and Sonic users, involving a unique destruction mechanism to boost activity and TVL.
May 24, 2024 9:16 am
Fantom Foundation To Establish Sonic Foundation For Upcoming Sonic Chain
According to Odaily, Fantom Foundation is set to establish a new foundation, the Sonic Foundation, to facilitate the launch of the upcoming Sonic Chain. The Sonic Foundation will be responsible for overseeing Sonic's governance, managing network funds, coordinating partner relationships, and developing the DApp ecosystem. The Sonic Chain will reportedly consist of a new Layer1 solution and an in-built Layer2, which will bridge EVM-compatible networks directly to the Ethereum network. With the architecture of the Sonic Chain, users of the soon-to-be-launched Sonic network will be able to leverage Ethereum's vast decentralized applications, liquidity providers, and community ecosystem.
May 24, 2024 9:00 am
Fantom Foundation to establish Sonic Foundation for new chain Sonic being built
The Fantom Foundation will establish a new foundation, the Sonic Foundation, to facilitate the launch of the upcoming new Sonic chain. The Sonic Foundation will be responsible for overseeing Sonic's governance, managing network funds, coordinating partnerships, and developing a DApp ecosystem. It is reported that Sonic will consist of a new Layer1 solution and a built-in Layer2 that can bridge EVM-compatible networks directly to the Ethereum network. Through the architecture of Sonic Chain, users of the upcoming Sonic network will be able to take advantage of Ethereum's vast ecosystem of decentralized applications, liquidity providers, and communities. (Cointelegraph)
May 24, 2024 12:00 am
Fantom Foundation Creates Sonic Foundation, Labs for New Sonic Chain
Alongside the new entities, Fantom raised $10 million in a funding round that will go towards Sonic’s ecosystem development. source: https://www.coindesk.com/tech/2024/05/23/fantom-foundation-creates-sonic-foundation-labs-for-new-sonic-chain/?utm_medium=referral&utm_source=rss&utm_campaign=headlines
Mar 26, 2024 1:58 pm
Fantom Foundation CEO: Plans to use Sonic to build shared sequencers for other chains
Fantom Foundation CEO Michael Kong said the project is preparing to launch its next-generation product, Sonic. Sonic promises 2,000 transactions per second (TPS) with sub-second finality and is expected to launch late this summer or early fall. The team also plans to leverage Sonic as a "shared sequencer" for other L1 and L2 chains. (The Block) Previously, Fantom Foundation CEO Michael Kong announced plans to propose a governance proposal, including: Developing a secure, minimal-trust bridge to enable native access to Ethereum. Simplified staking and liquid staking: Unlock staking lock time limits, igniting over $1 billion in liquid staking opportunities. Grant Program: Expanding the Sonic Labs grant program to support those working in areas such as gaming, DeFi, social media, streaming and now distributed artificial intelligence. Bonus Campaign: Provides a wide range of bonus campaigns for existing Opera network and new chain users. Superset introduction: Superset is planned to be enabled by the end of 2024 to further improve performance. Parallel FVM: Explore adding parallelization in Fantom virtual machines to improve performance. More details are planned to be shared in the coming weeks, including new partners, VC/angel investments, target industries and use cases, and audience engagement plans.
Dec 04, 2023 11:36 pm
Fantom Foundation Launches Sonic Labs Accelerator Program
According to Foresight News, the Fantom Foundation has announced the launch of Sonic Labs, an accelerator program aimed at fostering innovation within its new Sonic technology stack. The program will select up to five projects, each receiving 1 million FTM (approximately $294,000) in funding, technical support, co-marketing, and mentorship, including guidance from Andre Cronje. Selected projects can begin building from December 15 and will be launched in sync with the Fantom Sonic mainnet in spring 2024. The program is open to all developers building new applications on Fantom technology, with evaluation criteria including vision and utilization of Sonic technology. The application deadline is February 6, 2024.
Dec 04, 2023 10:48 pm
Fantom Foundation launches Sonic Labs startup accelerator program
The Fantom Foundation announced the launch of the Sonic Labs Entrepreneurship Accelerator Program, which aims to promote innovation within Fantom's new Sonic technology stack and provide resources and support for the next generation of Web3 entrepreneurs. The program will select up to five projects and provide financial support of 1 million FTM (approximately $294,000) per project, as well as technical support, co-marketing and mentorship. The Fantom Foundation encourages applications from eligible projects, and developers can begin building projects on Sonic on December 15th. These projects will launch alongside the Fantom Sonic mainnet in spring 2024. The Sonic Labs program is open to all developers building new applications on Fantom technology, including GameFi, DeFi, and more. Competition judging criteria include vision, utilization of Sonic technology, target user base, uniqueness, positive impact on the Fantom network and users, and brand. The application deadline is February 6, 2024. (Prnewswire)
Oct 25, 2023 9:00 am
Fantom Foundation launches Fantom Sonic testnet
The Fantom Foundation announced the launch of the Fantom Sonic testnet, which includes a new virtual machine FVM, an improved database storage Carmen and an optimized Lachesis consensus mechanism. The upgrade does not require a hard fork. The existing smart contracts, services and tools on Fantom Opera are consistent with Fantom Sonic is fully compatible, Sonic's TPS is expected to reach 2000+, and the storage volume is reduced by 90%. Users and developers are currently allowed to access the Fantom Sonic testnet environment, which consists of two independent testnets. The closed testnet is designed to demonstrate its maximum theoretical limit, while the open testnet is interactive and allows Any user can experience it directly, and the mainnet is planned to be released in the spring of 2024.