Improbable to begin the DevNet phase of its Somnia blockchain after 2 active years of development.
By Godfrey Benjamin
Edited by Julia Sakovich
Updated
3 mins read
London-based gaming startup Improbable has confirmed that it is making progress with its Layer-1 network Somnia blockchain. The British metaverse startup creating Yuga Labs’ Otherside said it will enter its DevNet phase in the coming weeks. Based on the design, the blockchain can process over 400,000 Transactions Per Second (TPS).
This TVL boost is in addition to features like sub-second latency and low fees. Improbable says the Somnia blockchain is compatible with the Ethereum Virtual Machine (EVM). Herman Narula, the CEO and co-founder of Improbable, noted that the blockchain will enable very high transaction throughput and the ability to put more things on-chain.
“Over the last 10 years, no one has managed to build a high-performance blockchain. I think the incentives in the space have really skewed people towards short-term wins, pumping tokens [and] not actually solving real problems,” Narula said, adding that average transaction volumes on some chains are in the single digits.
It is worth noting that Virtual Society Foundation is the lead in the Somnia blockchain project, while Improbable helped initiate it in March this year. Likewise, the project is funded by Improbable M², a network of interoperable metaverses backed by investors such as a16z and SoftBank. Narula attested that his team has worked on the project for two years.
Their activities involved researching and building new technology that permits hundreds of thousands of transactions a second. In the CEO’s opinion, this is “really essential for building any kind of real applications.” At the beginning of this year, Narula posted a thread highlighting that the industry needs a better L1 to build consumer-centric metaverses.
To better emphasize his point and the current challenges, Narula shared a restaurant analogy.
“Parallel execution means more waiters so more tables can be served, that’s fine unless everyone’s orders start referring to everyone else’s orders… then things go horribly wrong. This needs a very different solution, one that is surprisingly similar to what we needed to do to handle billions of movement updates when a crowd exists in a single spot,” he said.
He claimed that their plan is not to add more, but rather, they intend to give a single waiter a whole bunch of drugs to make them go faster.
“In conclusion, Somnia: Let’s give the EVM crack,” he said.
For many years, Improbable has worked to build and expand the metaverse. The M² unit was unveiled two years ago, following a funding round with a16z and SoftBank’s involvement. Other companies, such as CMT, Digital Currency Group (DGC), Ethereal Ventures, Mirana, SIG, and CMT also participated in the round.
Generally, the firm’s financial performance as a result of venturing into the metaverse is applaudable. In 2023, the startup reported an impressive revenue of more than double in 2022 to reach £78 million. At the time, Narula stated that revealed what the firm will focus on.
“Today showcases how far we have come and validates our metaverse focus, yet there is still so much to go after for this business. Opportunities abound in sports, entertainment, and music. Our proprietary technology can take fan engagement and experiences to a new level, and we gather ever more users excited by new experiences happening in the metaverse,” said.
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
