Solana had planned to close a smaller round in March but expanded it in response to strong interest in the blockchain, the report said.
United States, June 6, 2021 /AlexaBlockchain/ – Solana blockchain is raising between $300 million and $450 million in a bid to take on Ethereum, according to a report Friday by Decrypt, largely citing anonymous sources.
Solana had planned to close a smaller round in March but expanded it in response to strong interest in the blockchain, the report said.
Solana has a focus on dapps and is a potential rival to Ethereum. Ethereum currently handles about 15 transactions per second (TPS), while Solana is capable of more than 1,000 TPS, according to data from blockchair and Solana Beach. The project claims its maximum speed is many times in excess of that.
Solana’s blockchain promises more scalability through a new consensus mechanism known as Proof of History. It appears to be favorable among traders. Serum, which FTX announced in July, has seen its trading volumes top $1.6 billion last month, as per The Block’s data dashboard.
The ecosystem for Solana appears to be growing at a fast clip. A number of projects building on the blockchain have launched recently. Jump Trading — one of the largest high-frequency trading shops — announced Pyth, a Solana-based project that would bring Wall Street’s vast amount of market data on chain.
Last week, the Solana Foundation announced a $20 million fund to build out the ecosystem in South Korea.
In 2019, Solana announced the completion of a $20 million fundraise led by Multicoin Capital. Other investors include Blocktower Capital, Slow Ventures, and Passport Capital.