Private Token Sale Brings $ 314 Million for Solana Labs

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The funds will be used to accelerate the launch of new Web3 and Defi projects in the Solana ecosystem.

Solana Labs, the technology company behind the Solana blockchain, announced yesterday that it raised $ 314,159,265 in a private token sale. The financing round was led by Polychain Capital and Andreessen Horowitz, with support from Alameda Research, ParaFi Capital, CoinShares, CMS Holdings and 1kx, among others.

Solana’s beta mainnet launched last March. Since then, the project has broken the record for the most participants in a hackathon. Tens of thousands of developers have already joined the ecosystem. They were attracted by the protocol design, which allows the use of fast, cost-effective, safe and energy-efficient applications.

Anatoly Yakovenko, Managing Director and Co-founder of Solana Labs, said: “Solana is ready for action today. Given the explosive growth in global developer adoption, we are convinced that scalability and throughput in the blockchain is now a solved problem. This is a turning point, comparable to the moment when PCs became widely available in the 1970s.“

While many blockchains struggle with bottlenecks, Solana minimizes the problem through its “Proof of History“-Mechanism. This allows the protocol to process transactions on the blockchain at the speed of Nasdaq matching engines.

Olaf Carlson-Wee, Managing Partner at Polychain Capital, comments: “We’ve been watching Solana for a long time and believe it could massively scale the Defi ecosystem. From our perspective, Solana is an addition to Ethereum, and we are pleased with the strong developer activity and the ever-growing project community.“

Solana’s technology opens up opportunities for a wide range of use cases. Projects already running with Solana include USDC, Serum, Audius, Raydium and Maps.me.To date, the projects of the Solana ecosystem have collectively processed over 19 billion transactions on the blockchain.

The next phase is the onboarding of a billion users. Solana was created from the ground up to meet this scale. With this funding, Solana Labs is now able to attract the right partners and capital to develop products and tools.“

In fact, after the token sale, Solana Labs plans to launch more Web3 and decentralized finance projects with new resources. This includes the establishment of an incubation studio to accelerate development, as well as the creation of a trading desk and a venture investing arm.