Somnia $SOMI is a high-speed, Ethereum-compatible Layer 1 blockchain designed to power real-time, on-chain applications for a mass consumer audience. This includes things like games, social platforms, and metaverse environments.
Here's a breakdown of what makes Somnia and its native token, SOMI, notable:
Key Features of Somnia Blockchain:
High Scalability: Somnia is designed to overcome the performance limitations of existing blockchains. In testing, it has reportedly processed over 1 million transactions per second (TPS) with sub-second finality.
Ethereum Compatibility (EVM): Being an EVM-compatible chain means that developers can easily use existing Ethereum tools and smart contracts on the Somnia network without needing significant changes.
Focus on Real-Time Applications: The network's speed and low latency are specifically tailored for applications that require high transaction volumes and fast confirmation times, such as massively multiplayer games and real-time social platforms.
Technical Innovations: The Somnia architecture includes several key technologies to achieve its performance goals, such as a "MultiStream Consensus" that allows for parallel transaction processing, and a low-latency database called "IceDB."
The $SOMI Token:
$SOMI is the native token of the Somnia network and serves several functions within the ecosystem
Transaction Fees: It is used to pay for all transaction fees on the network.
Staking and Security: Users can stake SOMI to help secure the network.
Governance: The token will eventually enable users to participate in governance decisions for the network.
Deflationary Mechanism: Somnia has a deflationary tokenomics model where a portion of the transaction fees (50%) are burned, which helps to reduce the total supply of the token over time.