Solana Labs Completes $314 Million Financing Led by A16z and Polychain Capital

Solana Labs, the developer of the Solana blockchain, has raised $314.15 million in a private token sale round led by Andreessen Horowitz (a16z) and Polychain Capital.

Solana Labs Completes 4 Million Financing Led by A16z and Polychain Capital

June 9 (Bloomberg) — Solana Labs, the developer of the Solana blockchain, raised $314.15 million in a private token sale round led by Andreessen Horowitz (a16z) and Polychain Capital.

Other participants in the round included Alameda Research, CMS Holdings, CoinShares, Jump Trading, Multicoin Capital, Sino Global Capital, and others. A few days ago, it was reported that Solana may raise between $300 million and $450 million in funding.

With the new funding, Solana Labs plans to set up an incubation studio to accelerate the development of projects built on the Solana blockchain and to create a venture capital arm for the Solana ecosystem.

Solana is seen as a competitor to Ether, which remains the largest blockchain platform for decentralized projects and applications. Solana claims to be faster and cheaper than Ether in executing transactions.

Ether’s current network capacity is around 15 transactions per second. Solana, on the other hand, currently has a capacity of about 1,200 transactions per second. As for transaction costs, despite the recent sharp drop in network fees, the average cost per transaction for Ether is still about $6, while Solana’s average fee is about $0.00001. It’s worth noting that when Ether moves to a proof-of-stake (PoS) system, its fees are expected to drop significantly, but that may take a long time, if not years, to materialize.

We believe that blockchain scalability and throughput is now a solved problem,” said Anatoly Yakovenko, co-founder and CEO of Solana Labs. The next phase will attract 1 billion users.”

The number of projects being built on Solana is growing. As The Block Research reported earlier this year, there are already more than 90 projects in Solana’s ecosystem. Some notable projects include Serum, Raydium, Maps.me, and Pyth Network.

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