PANews reported on June 18 that according to The Block, Solana's Layer 2 project focusing on gaming has raised $12 million in Series A funding. This round of financing was led by Bitkraft Ventures, with participation from Galaxy Interactive, Big Brain Holdings, Matt Sorg (Solana's founding team), Nom (Bonk) and other institutions and individuals. The project began raising funds for this round of financing in April and ended earlier this month. Zhu said that this round of financing adopts an equity structure and comes with token warrants, bringing Sonic's fully diluted valuation to $100 million. This round of financing will be used to promote Sonic's product upgrades and ecological expansion.
As part of the deal, Bitkraft joined Sonic’s board of directors. The Series A round brings Sonic’s total funding to $16 million, following a $4 million seed round in 2022. Sonic’s mainnet and its own token are expected to launch in the third quarter of this year.
