Sonic, a Solana Layer 2 network dedicated to gaming, has raised $12 million in a Series A funding round led by Bitkraft Ventures, with Galaxy Interactive and Big Brain Holdings among the participants. The funding, structured with equity and token warrants, values Sonic at $100 million fully diluted.

Developed by Mirror World Labs, Sonic utilizes the HyperGrid Framework on Solana to deliver fast, cost-effective on-chain gaming experiences via Solana Virtual Machine (SVM). This framework enables seamless deployment of decentralized applications from Ethereum Virtual Machine (EVM) chains to Solana.

Bitkraft Ventures, now a Sonic board member, expects Sonic's SVM to attract gaming studios looking for efficient blockchain solutions within the Solana ecosystem. The project initially started as a mobile game and evolved due to identified infrastructure gaps for gaming applications on shared Solana layers.

Sonic is currently on devnet, with plans for an incentivized testnet called "Odyssey" launching soon. This campaign will allow users to engage in on-chain activities, play games, and earn rewards. The mainnet launch, alongside Sonic's native token, is anticipated in Q3 2024.

To support its growth, Sonic intends to expand its core team, developer relations, and global marketing efforts. The project has allocated $20 million for grants and acceleration programs aimed at attracting game developers to its platform through various incentive mechanisms.

Sonic's fundraising success and strategic roadmap highlight its role in advancing gaming on Solana, positioning itself as a key player in blockchain-based gaming ecosystems.