08 Jun Solana Aims to Raise $450 Million to Battle Ethereum Supremacy – Bitcoin News
Solana, a blockchain startup backed by Google Ventures and Andreessen Horowitz, is launching a $450 million fund to compete with Ethereum, the rising star that is expected be the most popular smart contract platform. As Solana’s website says, “Solana wants to be the best smart contract platform.”
Solana, a new, project-driven blockchain startup, has announced that it aims to raise $450 million to compete against the Ethereum-based blockchain platform that serves as the default for several decentralized applications (DApps) and enterprise blockchain projects.
Solana, a blockchain startup driven by a team of former JPMorgan Chase bankers, announced today it will start selling shares to raise $450 million to compete with Ethereum, the dominant smart contract platform built on the Ethereum network.Solana, a currency with proof of action and smart contracts, is looking to raise $450 million in a funding round that was extended in March. The Solana ecosystem, which is backed by Sam Bankman-Fried, founder and CEO of derivatives exchange FTX, will use the funds to compete with Ethereum for dominance in the Defi ecosystem.
Solana raises $450 million infunding round
Solana, an FTX-backed proof-of-stock coin, is looking to raise $450 million in a funding round that was expected to close in March but has been extended, according to a report from Decrypt. According to the publication, which cites unnamed sources, Currency sought a much smaller amount in a smaller funding round, but found a large capital interested in backing the project. While there is no confirmation yet of the amount raised by Solana, the funds will be used to attract developers to build projects and bring existing projects online. The project is part of a group of cryptocurrencies called Ethereum killers that are trying to mimic its functionality while improving bandwidth and fees. Solana claims to be technically superior to Ethereum, with a throughput of up to 50,000 transactions per second. The project has seen a resurgence in popularity due to its very low transaction costs and the use of its token platform by the FTX exchange, which allows deposits and withdrawals from this network. Last year, FTX CEO Sam Bankman-Fried decided to create a decentralized exchange for serum on the Solana blockchain instead of the Ethereum network because of these advantages.
‘Ethereum Killers’ – One more on thestack
While Solana is one of the most impressive networks to replace Ethereum, and several defi-based projects have chosen it as their circuit, it is far from the only one. Avalanche, a similar project launched last year, has also risen to the top of these Ethereum killers and claims to be even better by allowing users to share subnets, with higher bandwidth and faster settlement times. Even Cardano, the platform founded by Ethereum founder Charles Hoskinson, is currently demonstrating the capabilities of its smart platform and generating a lot of interest from the cryptocurrency community. All these chains are looking for stable support before Ethereum manages to solve the scaling problems. Fortunately for them, Ethereum founder Vitalik Buterin has announced that scaling with sharding will likely not be implemented until late 2022. What do you think of Solana’s current funding round? Tell us what you think in the comments section below. Photo credit: Shutterstock, Pixabay, Wiki Commons Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.Solana is a blockchain startup backed by Andreessen Horowitz and Sequoia. The Swiss investment manager has recently published a blog post titled “Solana Aims to Raise $450 Million to Battle Ethereum Supremacy – Bitcoin News”.. Read more about solana reddit and let us know what you think.
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