TL;DR Breakdown
- SOL developers make $314 million in token sales
- Developers aim to use toke to fund SOL based projects
Solana labs, behind the innovation and development of Solana blockchain and SOL native token, have again raked another $314.15 million in a private token sale.
Andreessen Horowitz led the sales round (a16z) and Polychain Capital with Alameda Research, CMS Holdings, CoinShares, Jump Trading, among others, as participants.
Reports emerged recently that the SOL token developers would raise a large sum of money to take on Ethereum.
However, the firm itself has said that the funds at hand would be plowed into incubation studio to speed up the development of projects building on the Solana blockchain and set up a venture investing arm for the Solana ecosystem.
Solana’s growing network
After its launch last year, the project has continued to record many successes as it tries to arm strong and displace Ethereum.
The blockchain has experienced an increased number of projects building on it as over 90 different projects are being built on the Solana ecosystem.
However, the project still has a long way to go to meet ETH. The total value locked (TVL) in Solana’s DeFi ecosystem is currently way smaller than Ethereum. The TVL of Ethereum projects is over $59 billion, whereas the TVL of Solana projects is less than $1 billion.
SOL set to break into top 10 cryptocurrencies
Cryptopolitan reported weeks back how the native coin of the project recorded an unprecedented surge.
The coin broke to a New All-Time High and also landed into the top 15 cryptocurrencies by market capitalization as its market cap rose to $13.6 billion.
It is also worthy to note that SOL began the year trading at $1.5. The recent all-time high now means that SOL has seen a 3,100 percent gain in 2021 alone.
However, the current setback faced by the crypto market has not left SOL out with the coin yet to hit its ATH again despite being on a bull run recently. However, its average performance amidst the crypto market crisis has seen its coin rise to become the number 11 cryptocurrency and could outplace UNISWAP anytime soon to become number 10.
