The crew behind the Solana blockchain is within the technique of elevating a big sum of cash in a bid to tackle Ethereum, in keeping with a report by Decrypt.
The undertaking — which is greatest identified for powering FTX’s decentralized change Serum — might increase anyplace from $300 million to $450 million from the increase, however the actual determine is unclear from Decrypt’s report. Solana co-founder Anatoly Yakovenko didn’t reply to a message from The Block in search of additional readability concerning the increase.
Solana’s blockchain guarantees extra scalability via a brand new consensus mechanism referred to as Proof of Historical past. It seems to be favorable amongst merchants. Serum, which FTX introduced in July, has seen its buying and selling volumes high $1.6 billion final month, as per The Block’s information dashboard.
The ecosystem for Solana seems to be rising at a quick clip. Various initiatives constructing on the blockchain have launched lately. Leap Buying and selling — one of many largest high-frequency buying and selling outlets — announced Pyth, a Solana-based undertaking that may convey Wall Avenue’s huge quantity of market information on chain.
Final week, the Solana Basis announced a $20 million fund to construct out the ecosystem in South Korea.
In 2019, Solana introduced the completion of a $20 million fundraise led by Multicoin Capital. Different traders embody Blocktower Capital, Gradual Ventures, and Passport Capital.