“Ethereum Killer” Raising Up to $450M; Solana Foundation Rolls Out A $20M Fund to Expand Ecosystem
Ethereum competitor Solana, which is seen as a potential “Ethereum killer,” has raised a big amount, which is between the $300 million and $450 million range.
“Fast, cheap, and deterministic, I’m even more bullish on Solana now,” commented Joe McCann, a margin trader and founder of Nodesource on this development.
Back in 2019, Solana raised $21.8 million led by Multicoin Capital and included BlockTower Capital and others.
As for the latest funding, the network was planning to close a smaller round in March but expanded their fundraising scope in response to high demand, reported Decrypt, citing multiple unnamed sources.
“I’m excited and impressed to see the recent growth of Solana’s business. They’ve had industry leading tech for a while, and it’s gratifying to see reality catching up,” Sam Bankman-Fried, CEO of crypto exchange FTX, which launched a decentralized exchange on Solana last year, told the publication.
Founded in 2017, the blockchain boasts 50,000 transactions per second compared to Ethereum’s 10 to 15 transactions per second throughput.
Solana’s native token SOL, which is known for showing strength in the bear market with fast recoveries, is currently trading at $41.50, only down 29.4% from its all-time high of $58 in mid-May, despite the latest deep correction the crypto market experienced.
SOL is one of the best performing tokens in the past 24 hours, 7-days, and with 2,045% gains year-to-date as well.
Elsewhere, Solana Foundation launched a $20 million fund to further expand its ecosystem in South Korea, just weeks after raising $60 million in funding from Hacken, Gate.io, and others to support projects in Brazil, Russia, India, and Ukraine.
Switzerland-based Solana Foundation is a not-for-profit organization whose mission is to build, support, and grow the Solana network and its community.
The Fund launched is in partnership with blockchain fund ROK Capital, which hopes to bolster Solana-based infrastructure projects including Web3, Defi, and NFTs. ROK Capital General Partner Brian Kang said,
“Solana is one of the fastest-growing networks in the industry, and in addition to injecting capital, this new fund will provide tailored services for projects to successfully accelerate in Korea.”