Proof-of-stake protocol Solana is projected to generate over $450 million in a funding round. The duration of the public funding was set to close in March but was extended as a result of increased interest in the project. The generated funds would be put to use to combat the supremacy of Ethereum amongst DeFi protocols.
A report from Decrypt said that the protocol planned to only hit a smaller funding target in a lesser organized funding setup. However, the surge in interests for capital backing made extension plausible. Meanwhile, there isn’t a verifiable claim to how much the platform has already generated.
Financial realizations for the public funding would be used to further develop the blockchain. Solana intends to attract more developers to host their programs on its network. The protocol prides itself as a better alternative to Ethereum and is determined to show why.
Solana and other DeFi Projects as Ethereum Substitutes
Solana claims to be more scalable than the Ethereum network. It reveres its ability to run over 50,000 transactions in a minute. The popularity of the blockchain has also increased as it charges a much lower fee for a transaction.
Sam Bankman-Fried, the CEO of FTX, proceeded to develop its DEX last year on the Solana network to gain from the advantages. Since then, the protocol has also enjoyed growth over the years. It is regarded as a leading DeFi host in the cryptocurrency market.
However, aside from Solana, other blockchains equally desire Ethereum’s spot. These protocols term themselves as “Ethereum Killers” and offer the features that Ethereum found difficult. Avalanche which was released last year is one, Cardano as well is introducing its smart contracts feature.