If the $450 million investment round allegations are genuine, Solana, one of Ethereum’s main competitors, may have taken a huge step toward being the blockchain of choice for decentralized applications like Defi and NFTs. The Solana official did not confirm or deny the charges, but neither did he deny them either:

“Our team did not disseminate this material; we requested that it be changed, but our request was denied. We will be unable to speak further on this topic because this information has not been officially provided by Solana.”

A Much Smaller Investment Round Was Planned By Solana

Solana had planned small funding round in March, but as demand grew, it increased its plans as Bitcoin hit a new all-time high price of $64,671.

Many decentralized goods, such as Serum, are hosted by SOL. The serum is a decentralized exchange developed by millionaire FTX entrepreneur Sam Bankman-Fried that has had over $4 billion in trade activity since its launch in August. Solible, an NFT marketplace, and Atomic, a non-custodial bitcoin wallet program, are both available on Solana. The Decrypt platform was used to propagate promises about investment tours.

The funds will be utilized to further develop the Solana Blockchain

According to the article, the funds obtained will be utilized to advance blockchain technology and increase market share. A portion of this money might also be utilized as an incentive for developers to develop applications on Solana rather than competing blockchains, which would be a huge milestone for a new blockchain. In May, Solana teamed up with MATH Global to provide $20 million to the network’s programs. Additionally, $60 million was raised to fund new business ventures in Brazil, Russia, India, and Ukraine. Solana joined with ROK Capital in June to build a new $20 million fund for South Korean development plans.

High transaction fees have caused network congestion, and Ethereum has struggled to meet the demand for Defi devices, the majority of which are based on the Ethereum blockchain. In May, Ethereum transaction costs reached a new high of $70.8. Solana can perform over 1,000 transactions per second, according to the data, whereas Ethereum can only process around 14.

Source: CoinTechn

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