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$40M Flows Into Solana And Gives Other Updates

$40M Flows Into Solana And Gives Other Updates

Solana revealed on Twitter that a $40 million investment has entered into the ecosystem:

“Today $40m an additional investment will flow into the Solana ecosystem to support the next great generation of blockchain projects and ecosystem companies building on Solana. This is only possible because of the astonishing progress of builders, creators, and users of SOL.”

Exchanges like OKEx and MXC have poured in the money to create these strategic investment funds to bootstrap development on the Solana network.

OkEx and MXC Sound Off

OkEx revealed that they will be making the investment through the newly founded Block Dream Fund, while MXC is making its investment directly. The Exchanges will receive equity in the form of tokens for their investments. Regarding the funding, Katherine Deng, the vice president of MXC, said:

“MXC’s investments within the Solana Ecosystem will focus on expanding [non-fungible token] support and product-centered projects building on Solana. Our fund looks for projects developing technology-focused solutions in DeFi and other emerging fields.”  

Solana Foundation President Anatoly Yakovenko sounded off on the investment:

“The [decentralized finance] ecosystem on Solana is strong and growing rapidly. Our focus is to offer the best possible experience to users, teams building on Solana and partners in the ecosystem. The Solana Foundation will continue to support innovative new approaches to DeFi around the world.” 

Solana Shares Other Updates

Solana also shared the following updates regarding their activities over the last few months:

  1. Decentralized music app, Audius Music which moved a part of its service to Solana last year, announced that it had hit 4 million monthly active users.
  2. The Solana and project Serum hackathon drew 3,000 participants and 100+ projects – many of which are now raising funds to keep building.
  3. USDT on Solana launched just a few weeks ago but is already supported across the ecosystem
  4. The on-chain order books started to receive the attention they deserve

What Is Solana?

Solana is a web-scale blockchain that provides fast, secure, scalable, decentralized apps and marketplaces. Their aim is to allow transaction throughput to scale proportionally with network bandwidth satisfying all properties of a blockchain: scalability, security, and decentralization.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.