Improbable Launches Somnia Mainnet and SOMI Token

Improbable, once a prominent player in the metaverse, has officially launched the mainnet for its Layer 1 blockchain, Somnia, along with the SOMI token. Designed for large-scale applications in DeFi, social networking, and gaming, Somnia's mainnet follows a successful six-month testnet phase where it handled over 10 billion transactions and welcomed more than 118 million unique wallet addresses, partnering with over 70 ecosystem contributors. Established in 2022, Improbable gained significant attention, securing $150 million investment from firms like SoftBank Vision Fund 2 and a16z. In response to a bearish crypto market, the company pivoted in 2023, selling its gaming service subsidiary, MPG, for nearly $100 million, which had a workforce of 360 and clients such as Activision Blizzard and Bethesda. This sale was part of Improbable's strategy to intensify its metaverse initiatives, including collaboration with Yuga Labs on the Otherside platform. However, metaverse activities have remained low for almost two years, with platforms like Meta's Horizon Worlds and Decentraland struggling to retain users. "We’ve been anticipating this moment for quite a while. The launch of Somnia’s mainnet marks a crucial turning point for real-world blockchain applications and commercial adoption," said Herman Narula, founder and CEO of Improbable. "This is the first blockchain built for the speed, scale, and responsiveness necessary for real-time virtual experiences." Somnia claims it can process over one million transactions per second with finalizations in under one second. The ecosystem boasts over 70 active projects, including notable names like Variance and Maelstrom. Additionally, the Somnia ecosystem has raised a total of $270 million in combined capital. Disclaimer: The Block operates as an independent media outlet. As of November 2023, Foresight Ventures is a majority investor of The Block, which maintains its independence to provide unbiased news.