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Solana is raising funding to challenge Ethereum

The project aims to challenge Ethereum in the near future

For some time now Ethereum is a benchmark in the decentralized finance sector. So much so as to push analysts to try to understand who could be the real counterpart. A role, that of Ethereum killer, which has been entrusted in particular, over the last few months, to Cardano e Polkadot. Now, however, it seems to appear on the horizon Solarium, whose technical characteristics seem in fact ideal in order to make it a tough nut to crack for the creation of Vitalik Buterin.

Solana - Solana is raising funding to challenge Ethereum

Solana is raising huge funding

Solana has been talked about again in the last few hours. The reason for this renewed interest is to be found in conspicuous success of the round of financing that had been launched with the specific intent of favoring development plans. Initially launched to close in March, the plan was so successful that it is still active. Enough to collect a figure still not quantifiable, but which according to the first rumors would attest between 300 and 450 million dollars. So much to push Sam Bankman Fried, CEO of FTX, which launched a decentralized version of his exchange on Solana last year, to express his satisfaction with the fortunes of a project in which he seems to believe a lot.

The characteristics of Solana

Why is Solana garnering so much support? The main reason is to be found in its technical characteristics, which indeed seem of great importance. In particular, its blockchain it would be much faster and cheaper than Ethereum. Enough to be able to process up to 50 thousand transactions per second, against the maximum of 15 guaranteed by the rival.
Features which seem to be made on purpose to push many of those who until now have launched their own decentralized apps on Ethereum to turn to Solana. Which could therefore become the new reference standard in a sector that has been exploited above all by DeFi, is also proving ideal for media and gaming.

Metaplex, the Shopify for NFT

Among the many tools that are pushing Solana towards great success, many are pointing to the enormous potential of metaplex.
This is a new protocol, which was launched a few days ago, which allows artists to give life to their shops, where they can sell NFTs, non-fungible tokens, in the form of unique digital items. As he did for example RAC, the winner of a Grammy Award. A feature which has prompted observers to define Metaplex as it Shopify of NFTs.

Solana, an exponential growth

Born in 2017, Solana raised $ 21,8 million in funding prior to this round, at least according to the data provided by Crunchbase. Of which 20 collected in a Serie A event led by Multicoin Capital in 2019, also supported by Block Tower Capital and by other subjects. Who had evidently sensed the deal and the potential of the project.
Meanwhile, Solana's native token, too, SOL, literally took off. If at the beginning of January it was still below two dollars of quotation, during the month of May it even reached a maximum of 54. It currently ranks 15th in the ranking of CoinMarketCap, which takes market capitalization into account, at $ 41,80. Also thanks to a 13,5% growth recorded in the last 24 hours, which brought over 43% that of the last seven days.

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Dario Marchetti

I have a degree in Literature and Philosophy from the Sapienza University of Rome, with a thesis on the eastern border of Italy at the end of the First World War. I have collaborated with several sites on many issues and led the work group that published the official CD-Rom of the SS Lazio "History of a love" and "Photographic History of Magical Rome".

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