Dubai, United Arab Emirates, June 30, 2024, Chainwire
Sonic, the first SVM chain enabling sovereign gaming economies on the platform, has reached a major milestone with the recently launched incentivized testnet “Odyssey,” which reached 100,000 connected wallets and over 17 million transactions in preparation for the launch of the mainnet.
Supported by Cypher Capital, a multi-strategy cryptocurrency investment firm, Sonic’s latest fundraising allows it to expand its ecosystem in the lead-up to its mainnet launch and support growth by expanding its core development, gaming relations and marketing teams globally. Sonic’s currently dynamic testnet invites users to engage in various on-chain activities such as sending transactions and playing games to debut on Sonic.
“Cypher Capital has been a great partner in helping us expand our ecosystem into new territories,” said Chris Zhu, founder of Sonic. “With a broad social network and key connections to the right funds, we are bringing gaming to Solana together.”
As the only Solana Virtual Machine gaming network, Cypher supports Sonic’s go-to-market strategy. Built with a horizontal scaling structure called HyperGrid, a rollup structure that relies on Solana, Sonic allows each game to run its own rollup blockchain, unlocking customization in the design of modern sovereign game economies.
“We are excited to support Sonic in building the first SVM L2 gaming chain, designed to expand the Solana gaming ecosystem,” said Harsh Agarwal, chief investment officer at Cypher Capital. “Chris has exceptional knowledge and insight as a founder, and we are confident in his vision to enable the gaming economy at Solana.”
About Sonic
Sonic is the first atomic SVM chain built to enable sovereign gaming economies on Solana. Sonic enables sovereign game economies that accumulate and settle on Solana. Built on top of the first concurrent scaling framework for Solan, called HyperGrid, Sonic is the first to introduce a Grid orchestrated by such a framework.
About Cypher Capital
Cypher Capital is a leading early-stage venture capital firm focused on investing in the Web3 infrastructure and applications that will power the modern digital economy. By integrating environmental, social, and governance into every investment decision, Cypher is shaping the future of digital currency, public markets, and Web3.
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contactMultimedia managerShameem Shashame@cyphercapital.com
