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Ethereum Alternative Solana receives USD 40M boost

Source: Adobe / Aleksandra Sova

Proof-of-stake protocol Solana (SOL), touted as another alternative to Ethereum (ETH), today announced two strategic investments from OKEx and MXC crypto exchanges, with the combined funds being used to grow projects intended to be in the Solana ecosystem as well as expanding the resources required to bring new decentralized apps (dapps) and protocols to market, they said.

According to the press release emailed, the Solana Foundation has partnered with the two exchanges to launch strategic mutual funds that will raise $ 40 million in new capital. This will result in faster development of the projects Solana sees as key projects in its ecosystem and expansion of go-to-market resources for developing dapps and protocols.

Projects building on Solana can therefore access strategic resources and services through OKEx’s investment arm, the Block Dream Fund. These projects are critical to community activation and adoption and range from advertising and endorsements to international marketing support. Dora, the founding partner of the Block Dream Fund, said the partners will work together to “expand the market size and user volume of the blockchain industry and continue to create value”.

Meanwhile, MXC said its goal is to provide resources and lead projects that seek access to the institutional and retail markets in Asia. According to Vice President Katherine Deng, the exchange aims to “foster closer collaboration with the most promising blockchain ecosystems, and this investment strengthens our belief and commitment to fuel the success of Solana-based dapps and platforms.”

Founded in 2018, MXC has compliance licenses in five countries with 752 pairs and a daily trading volume of approximately $ 4 billion.

As for Solana, its ecosystem “has grown many times over in recent months as the volume of projects and active developers skyrocketed from quarter to quarter,” said Anatoly Yakovenko, founder of Solana and president of the foundation.

Solana’s network has “grown exponentially”. More than 560 active community validators produce over 70 million blocks worldwide and process over 14 billion transactions, according to the announcement.

Since the mainnet beta started in 2020, Solana has worked with projects like Serum (SRM), Chainlink (LINK), Terra (LUNA), USD Coin (USDC), Tether (USDT) and others to deploy them on its blockchain . Over 50 market-ready projects were launched last month, including DeFi applications (decentralized finance), markets for non-fungible tokens (NFTs) and infrastructures that support the next generation of Web 3 companies.

The DeFi hackathon Solana x Serum had more than 100 project submissions from 3,000 builders, while the automated market maker (AMM) and liquidity provider, which is based on the Solana blockchain for the decentralized serum exchange (DEX) Raydium, had a total value of 160 million USD top locked, up more than 3,000% in less than two months.

Sam Bankman-Fried, CEO of Alameda Research, a quantitative trading company and parent company of the crypto derivatives exchange FTX, announced Serum last July as an “antidote to DeFi battles” that lives on Solana and is interoperable with Ethereum is.

At 13:44 UTC, SOL is trading at nearly $ 13 based on market capitalization at 29%. It fell 11% in one day and 9% in a week.
Learn more:
– Solana founder on critical DeFi challenges and how to fix them
– Ethereum fees remain high even with EIP-1559 – says another analyst
– Ethereum is pushing plans for an earlier transition to proof-of-stake
– Ethereum developers on why they don’t see Cardano & Binance Chain as rivals

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