- Blockchain startup Solana raises $1.76 million in CoinList launch auction where 8,000,000 of their coins were acquired at $0.22.
- Their joint venture with decentralized oracle solution Chainlink would prioritize building a new oracle for Solana amidst scalability concerns.
According to reports blockchain startup, Solana has managed to raise $1.76 million in a recent CoinList launch auction. On Tuesday, a Dutch-style auction that was held on the CoinList platform, 8 million coins issued by the web-scaling blockchain startup were acquired at $0.22 each. They have now raised a total of $25.6 million.
— CoinList (@CoinList) March 25, 2020
This figure only represents about 1.6% of the project’s war chest of 500,000,000 coins which according to Raj Gokal, the Solana COO, citing the current market uncertainties was treated as a win. Denoted by 1,416 registrations in 445 bids originating from over 90 countries.
The initial bids during the pre-biding varied from $4- $0.04 but the price finally settled at $0.22 where the demand sufficed to clear the 8,000,000 coins in an auction highlighted Raj Gokal as he explained the unique auction.
“We’re really happy with the outcome…Everyone gets the same price at the end.”
He further explained that the majority of the funds were disbursed to a Staker Price Guarantee in escrow. This would guarantee investors up to 90% of the auction price redeemable by the first year.
Joint Venture with Chainlink
Notably, Solana has made headlines after they unveiled a strategic partnership with Chainlink, a decentralized oracle solution to capacitate them to build a fast speed oracle. An oracle is a third-party information source whose objective is to supply data to blockchains that facilitate smart contracts.
This was deemed a necessity last September when Ethereum’s blockchain was faced by Network congestion, which according to Solana CEO Anatoly Yakovenko led to market failures. This led to Solana prioritizing its scalability solutions to overcome these concerns.
They now boast of transaction speeds of up to 60000 TPS amongst their 50 validators, which dwarfed Ethereum’s 3000 TPS as announced by Ethereum Co-founder, Vitalik Buterin in a statement last year.
Proof of history
The startup, based in San Francisco, offers a unique layer-one blockchain solution that helps them circumvent security concerns brought about by Sharding. By employing Proof of History protocol; which verifies timestamps between two transactions. They are able to trim off time spent trying to thwart attempts by actors to processing Identical blocks.