Solana Rallies After new Funding Round Raises $314 Million

Solana is one of the top crypto performers today and is up by 17 percent as of press timeThe rally follows a successful funding round where the project generated $314.15 million. The funding round was spearheaded by Polychain Capital and Andreessen Horowitz. 

Other high-profile investors that took part in this funding round include Sino Global Capital, CoinShares among others. The money raised was in line with what most analysts were expecting from the project.

The project intends to use the generated funds to come up with a project incubator. The incubator will be used to help projects building on this blockchain and speed up their development cycles.

Solana is a relatively young project but has come out as one of the few projects that could give Ethereum a run for the money. It has fast transaction speeds, and transactions are much cheaper than they are on Ethereum.

While Ethereum has a TPS of 15, Solana’s is at 50,000. The costs are equally impressive. While Ethereum averages $6 per transaction, Solana costs are at around $0.00001.

Commenting on Solana’s technical metrics after the successful funds drive, the founder Anatoly Yakovenko stated that they have comfortably handled the scalability problem.

He added that the next step for the project is to get a billion people to start using it. So far, the number of projects building on Solana is growing at an impressive rate.

Its DeFi ecosystem is growing too. While its Total Value Locked is much lower than Ethereum, it’s on an exponential growth path. Olaf Carlson-Wee of Polychain Capital took note of this and said they are happy with the growth and development being made by the protocol.

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