The workforce behind the Solana blockchain is within the technique of elevating a big sum of cash in a bid to tackle Ethereum, in line with a report by Decrypt.
The challenge — which is finest recognized for powering FTX’s decentralized change Serum — may elevate anyplace from $300 million to $450 million from the elevate, however the actual determine is unclear from Decrypt’s report. Solana co-founder Anatoly Yakovenko didn’t reply to a message from The Block looking for additional readability concerning the elevate.
Solana’s blockchain guarantees extra scalability by way of a brand new consensus mechanism often called 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. A variety of initiatives constructing on the blockchain have launched not too long ago. Bounce Buying and selling — one of many largest high-frequency buying and selling retailers — announced Pyth, a Solana-based challenge that may deliver Wall Road’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 embrace Blocktower Capital, Sluggish Ventures, and Passport Capital.