Solana Labs, dubbed the “Ethereum killer,” raised $314 million during a private token sale.
The initiative was financed by the Andreessen Horowitz venture fund, one of the industry’s major investors. Alameda Research, CoinShares, Multicoin Capital, Polychain Capital, and other fintech sector professionals accompanied him. According to the CEO of Alameda Research, Solana has the most ambitious technological strategy he has ever seen. In addition, he emphasized that the team has already achieved some of the project’s targeted development goals initially.
Sam Bankman-Fried, the creator of the FTX cryptocurrency exchange, is also a supporter of the ecosystem, intending to assist Solana developers in achieving dominance over the Ethereum blockchain.
In terms of transaction processing, the project aims to surpass Ethereum, with a pace of 50,000 transactions per second. The team has managed to lower costs to an average of $0.00001, compared to around $6 for Ethereum.
It was previously reported that the business plans to raise to $500 million in a funding round that began in March of last year. The resultant $314 million teams will invest in a new staff incubator studio and a faster speed of product development based on its blockchain.