Cryptocurrency News

Solana Aims to Raise $450 Million to Fight Ethereum Domination – Bitcoin News

Solana, a proof-of-stake, smart contract-enabled currency, aims to raise $450 million in a funding round extended last March. The Solana ecosystem, which is backed by Sam Bankman-Fried, founder and CEO of derivatives exchange FTX, will use these funds to take Ethereum dominance in the DeFi ecosystem.

Solana to raise $450 million in funding round

Solana, the FTX-backed, proof-of-stake coin, is aiming to raise $450 million in a funding round that was scheduled to close but instead expanded in March, according to a report good from decrypt. The outlet, citing anonymous sources, states that Mudra had aimed for significantly less money in the smaller funding round, but received large capital backing the project.

While there is still no confirmation on the amount raised by Solana, these funds will be used to entice developers to network and build their existing projects. The project is part of a group of cryptocurrencies called “Ethereum Killers” that seek to mimic the functionality of the project while improving throughput and fees.

Solana claims to be technically superior to Ethereum, offering to process up to 50,000 transactions per second. The project has experienced a surge in popularity due to the very low transaction fees and the use of its tokenized platform by the FTX exchange, which allows deposits and withdrawals from this network. Last year, FTX CEO Sam Bankman-Fried chose build The company’s Serum decentralized exchange built on top of the Solana blockchain instead of the Ethereum network because of these advantages.

‘Ethereum Killer’ – One More to the Pile

While Solana is one of the most influential networks aiming to replace Ethereum, with many DeFi-based projects choosing it as their chain, it is by no means the only one. Avalanche, another similar project launched just last year, has also risen to the top of the ranks of these “Ethereum killers”, claiming to be even better, allowing users to issue subnets with higher throughput and faster finality. gives.

Till here cardano, a platform founded by Ethereum founder Charles Hoskinson, is now introducing its smart platform capabilities and generating significant interest in the cryptocurrency community. All these chains are racing to find some kind of stable support before Ethereum fixes its scaling issues. Luckily for them, Vitalik Buterin, the founder of Ethereum announced That scaling via sharding is unlikely to be implemented before the end of 2022.

What do you think about Solana’s current funding round? Tell us in the comments section below.

image credit: Shutterstock, Pixabay, WikiCommons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell any products, services, or companies, or a recommendation or endorsement of any products, services or companies. does not provide investment, tax, legal, or accounting advice. Neither the Company nor the author is responsible, directly or indirectly, for any damage or loss alleged to be caused by or in connection with the use or reliance on any materials, goods or services mentioned in this article.

Source link

Avinash is a blogger, Enterprenuer, marketer and author. He is very good affiliate marketer and Product Reviewer.