Solana Seeks to Fast-Forward Blockchain By Raising $314 Million

Solana, a cryptocurrency startup, declared earlier on Wednesday that it had raised via a private sale a total of $314 million. Solana is amongst the world’s leading decentralized blockchain applications. Spearheaded by Andreessen Horowitz along with Polychain Capital, the token sale round has other participants such as CMS Holdings, Alameda Research, CoinShares, Multicoin Capital, Jump Trading, and Sino Global Capital.

The token sale’s total expected raised value is anywhere between $300 million and $450 million for the startup. The funds would enable the Solana team to develop faster and more accessible applications on the Solana blockchain via an incubation studio. To expand the Solana ecosystem, the team is expected to commence an enterprise investing division too.

The cryptocurrency space has seen the Solana complex as amongst the best-ever systems. Pyth Network, Serum, Raydium are amongst the 90 projects that the Solana ecosystem currently houses. Though it is gaining popularity in the DeFi environment, it is yet insignificant when compared to the Ethereum blockchain platform. 

While Solana projects encompass a total value locked (TVL) of under $1 billion, the Ethereum projects have a TVL of almost $60 billion. The funding will act as a shot in the arm for Solana’s DeFi ecosystem. Olaf Carlson-Wee, the managing partner of Polychain Capital, is of the view that Solana is a tribute to Ethereum, and he is heartened to see a continuously growing community and developer activity regarding the venture.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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