Solana-Based SOON Targets 650K TPS on Ethereum with New Backing from Key Industry Figures

• SOON Stack combines Solana’s SVM and OP Stack, aiming to offer Layer 2 solutions on Ethereum, Bitcoin, and Cosmos blockchains.
• SOON’s development could boost Ethereum’s transaction capacity by 650,000 TPS, enhancing scalability and efficiency for dApps.
• Notable backers, including Solana’s Yakovenko and Coinbase Ventures, support SOON’s goal of creating cost-efficient rollups for Layer 1 blockchains.

The Solana Optimistic Network (SOON) is gaining momentum, with plans to increase Ethereum’s transaction processing capabilities. The project recently secured backing from notable industry figures in a co-builder funding round, as reported on August 27. Although the exact amount raised remains undisclosed, the funding is set to support SOON’s efforts to enhance scalability across various blockchain ecosystems.

Development of SOON Stack and Mainnet

SOON intends to use the raised capital to advance its SOON Stack, which serves as a modular framework for deploying high-performance rollups. By combining the Solana Virtual Machine (SVM) with the OP Stack, SOON aims to offer efficient Layer 2 solutions on Layer 1 blockchains such as Ethereum, Bitcoin, and Cosmos. 

In particular, the SOON Mainnet, an SVM-based Layer 2, will settle on Ethereum. Once launched, this setup could enable Ethereum to handle up to 650,000 transactions per second, a major improvement compared to current levels.

This performance boost will be facilitated by SOON Stack, designed to maximize rollup efficiency. Furthermore, SOON is working on integrating a data availability layer, enhancing its compatibility with protocols like CelestiaDA, EigenDA, and Avail, which may further improve interoperability between different Layer 1 ecosystems.

Influential Backers Join the Initiative

Notable participants in the recent funding round include Solana co-founders Lily Liu and Anatoly Yakovenko, alongside key figures from Coinbase Ventures, Celestia Labs, and AltLayer. The diverse range of contributors highlights the growing interest in SOON’s goal of creating scalable, cost-efficient rollups for decentralized applications (dApps) across multiple blockchain networks.

According to SOON’s CEO, Joanna Zeng, the combination of Solana’s SVM engine with Layer 1 networks is intended to position SVM as a standard across blockchain ecosystems. Zeng stated, 

With SOON, we aim to be the most efficient rollup, reducing costs and boosting performance by 100 times in every ecosystem, compared to the highest-performing EVM, while maintaining a culture that welcomes non-Solana blue chips.

Future Impacts on Blockchain Scalability

SOON’s technology stack could potentially redefine scalability standards across blockchain networks. With a focus on efficiency and low fees, SOON is expected to cater to a broad range of decentralized applications, enhancing transaction throughput across Layer 1s like Ethereum. Its development approach could accelerate the adoption of blockchain technology in a variety of industries.

This backing reinforces SOON’s role in creating a more scalable and cost-efficient environment for dApp development and transaction processing, as it leverages the combined power of Solana and Ethereum technologies to meet the increasing demand for faster blockchain settlements.