The Solana blockchain has been in the news lately for the right reasons. The platform recently partnered with Rock Capital to establish Solana Eco Fund to expand its operations in Korea. This time around, the platform is making headlines because of another massive funding it recently received to develop its technology.
According to a WSJ post, the company received $ 314 million in funding from Polychain Capital and Andreessen Horowitz, a notable venture capital corporation in Silicon Valley.
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But instead of the traditional purchase of shares, the transaction was made by purchasing SOL digital tokens from Solana.
More projects and Expansion to South Korea
As mentioned above, Solana wants to make a big impact on the South Korean market after he partnered to further develop operations within the region. Last week, the blockchain received a $ 20 million fund from ROK Capital.
With the collaboration, the blockchain platform plans to expand the adoption rate in South Korea, especially when it comes to decentralized applications (DeFi).
The ROK Capital fund will be used to provide specific services for projects that effectively accelerate the adoption of DeFi in Korea.
Last week, Terra and ETH 2.0’s stake service Lido integrated the Solano (SOL) blockchain to expand its proof-of-stake chains.
Solana has also been the go-to platform for projects such as Raydium 1, Oxigen 2, and Pyth Network 3. More projects are expected to use the platform as it continues to expand features.
The latest funding will also boost the platform to expand its user base and improve efficiency.
Improved competition with Ethereum
The Solana blockchain competes directly with the Ethereum platform. Blockchains like Ethereum have been criticized on several occasions, especially due to network congestion. Currently, the platform performs 13 transactions per second.
On the other hand, Solana developers say that the platform is capable of processing more than 50,000 transactions in the same period. And as new hardware is updated, the capacity can also increase. At this level, it is not surprising that the platform has been very busy preparing more projects for such high efficiency.
Solana has the backing of FTX CEO Sam Bankman-Fried, and his commercial company Alameda Research has been actively investing in the platform since its launch.
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