Ethereum rival Solana has raked in $314 million through a private token sale – marking one of the largest private sales of the year

Cryptocurrency venture funds have poured hundreds of millions of dollars into Solana Labs to support the development and execution of decentralized applications and platforms built on Solana. Recently, according to The Wall Street Journal, Solana raised $314.15 million through a private token sale — marking one of the largest private sales of the year.


SOL/USD 4-hour chart | Source: TradingView

Solana Labs raises $314M via private token sale as ecosystem support expands

SOL positions itself as one of the top “Ethereum killers” because of its high throughput and low power consumption. The ecosystem of decentralized finance projects is thriving, but it also has a lot of work to do to match the market share of the current DeFi leader.

Venture capital firm Andreessen Horowitz is the leader of the mammoth fundraising round. Several earlier reports stated that Solana was eyeing up to $500 million.

Ali Yahya, a general partner at Andreessen Horowitz, stated:

“The next wave of innovation in crypto will happen at the application layer. It is easy to imagine countless use cases for crypto as a technology, but building them into real products that millions of people use requires the existence of a high-performance blockchain. Solana is a next-generation blockchain that can meet that high bar.”

The funds will be used to launch existing and upcoming decentralized applications and platforms under construction on Solana. It will also be used to set up a venture capital arm and trading desk dedicated to the Solana network.

Anatoly Yakovenko, founder and CEO of Solana Labs, outlined the ambitious vision of his network for 1 billion users. He describing the current blockchain environment as an inflection point akin to the moment that PCs became widely accessible in the 1970s.

He continued:

“The next phase is onboarding a billion users. Solana was built from the ground up to accommodate this scale.”

Solana has received significant interest since the end of the year, with dozens of decentralized finance projects having launched on its platform since March. One of those projects is Metaplex, an NFT marketplace. new to help artists and content creators monetize their custom collections.

The Solana ecosystem has also established Solver, an accelerator program that provides human resources and consulting support for projects built on the platform. Solver recruited 21 subject matter experts to advise Solana-based startups on their go-to-market strategy.

At press time, SOL is trading around $42.76, up almost 17% in the last 24 hours.

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