Key Points:
Sonic from the Solana Ecosystem closed a $12 million funding round.
The company is launching its testnet campaign and own token soon.
Sonic gaming network, a Solana-based project, raised $12M in a Series A round, raising its valuation to $100M. They plan to enhance gaming on Solana and expand their team.
Sonic Gaming Network Secures $12M, Aims For Enhanced Solana Adoption
Sonic, the gaming-focused Layer 2 network from the Solana Ecosystem, has just closed a Series A funding round of $12 million led by Bitkraft Ventures, who brought Galaxy Interactive and Big Brain Holdings into the mix. The funding round, leading since opening in April, successfully increased Sonic's valuation to $100 million.
Sonic Gaming Network Completes Promising Series A Funding Round
Developed by Mirror World Labs, Sonic utilizes a proprietary technology known as the HyperGrid Framework. This innovation offers horizontal scaling on Solana through rollups, improving Sonic's ability to deliver a quick, cost-effective on-chain gaming experience via SVM.
The Sonic project initially evolved as a mobile game, and only later did the team feel that better gaming infrastructure was needed. Sonic's Layer 2 network is meant to enhance gaming adoption on Solana.
In addition to the first Sonic, now a tech demo, Sonic developed a decentralized application called World Store. The asset aggregator helps the studios distribute and settle game assets.
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Sonic's Global Expansion and Incentives for Game Developers
Later this week, Sonic will launch its incentivized testnet campaign called "Odyssey." Users may send transactions, play games that are launching on Sonic, and earn "rings" for on-chain activities.
The mainnet and its own token are due to launch in the third quarter of this year. To live up to all these expectations, Sonic is looking at a global expansion of its core developer team, developer and game relations team, and marketing team.
Currently, the firm has a 20-strong team operating out of New York. Moreover, it has a $20 million grants program in place to incentivize game developers to work with its platform.
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