Solana Labs, the overseeing organization of the Solana blockchain platform, announced today it has completed a private token sale of $314,159,265 led by Andreessen Horowitz and Polychain Capital.
Participation also came from 1kx, Alameda Research, Blockchange Ventures, CMS Holdings, Coinfund, CoinShares, Collab Currency, Memetic Capital, Multicoin Capital, ParaFi Capital, Sino Global Capital, Jump Trading, and select individual investors like Boys Noize.
With the new resources, Solana Labs will launch an incubation studio to accelerate the development of decentralized applications and platforms building on Solana, alongside a venture investing arm and trading desk dedicated to the Solana ecosystem.
Since the launch of mainnet Beta in March of 2020, the Solana ecosystem has attracted thousands of developers to its network and broke world records for the most number of participants in a hackathon. Due to the Solana protocol’s design, the network has become a prime breeding ground for developers seeking to build and deploy market-ready applications that are secure, fast, low-cost, and energy-efficient, all of which play critical roles in attracting the next billion users of blockchain and crypto technologies.
Through the use of Proof of History, Solana has dramatically reduced the congestion and redundancies that plague other decentralized blockchains. It has allowed the Solana protocol the ability to power on-chain transactions at the speed of Nasdaq matching engines for processing trades, orders, amendments, and cancellations, and breaks new ground of what’s possible across DeFi innovations, exchanges, non-fungible tokens, marketplaces, payments networks, music sharing, gaming and more.
To date, Solana-powered DEXs, dApps, and platforms such as Serum, Raydium, Bonfida, KIN, Audius, Mango Markets, Maps.me, Pyth Network, Phantom wallet, USDC, and others have processed more than 19 billion on-chain transactions. The new injection of funding will fuel Solana Labs with the resources to further accelerate the development and launch of new DeFi or Web3 projects across the ecosystem.