coincodex.com
Key highlights:
- Solrazr has raised $1.5 million from Moonrock Capital, Ascensive Assets, Morningstar Ventures and other backers
- The project is building a launchpad and accelerator for Solana-based projects
- The Solana ecosystem has been gathering a ton of momentum recently
Solrazr raises $1.5 million as it prepares to launch its platform for Solana-based projects
Solana is currently seeing incredible momentum as the ecosystem of applications built on Solana flourishes and SOL performs exceptionally well in the market – in the last week alone, it has gained around 50%.
It now seems to be the perfect time to launch on Solana. Solrazr, a project building a decentralized ecosystem for Solana developers, has raised $1.5 million to help projects raise funds and get started with building on the Solana blockchain. The investment was backed by Moonrock Capital, Ascensive Assets and Morningstar Ventures, and also had contributions from funds such as Genesis Block Ventures and CMS Holdings.
Since the Solrazr platform is also built on the Solana blockchain, the team says this will enable fast speeds and low costs for raising capital directly on the blockchain. Solana is known for its immense scalability, as it can handle about 50,000 transactions per second while keeping transaction costs low.
Solrazr co-founder Sreekanth Kalapur added that the project aims to be more than just a launchpad, as it will also provide developer tools to assist teams building on Solana. The whitelisting and allocation process will be facilitated through NFTs, opening up new possibilities compared to existing blockchain-based launchpads and accelerators.
Solrazr will also feature its own native token called SOLR, which will give stakers the ability to participate on sales conducted through the platform.
So far, the project has completed its initial fundraise and launched their platform on the Solana Devnet. The next steps, which Solrazr expects to complete by the end of Q3, will be the token generation event (TGE) for the SOLR token, as well as the platform’s launch on the Solana mainnet. Once this is complete, we’ll see the first projects being featured on SolRazr’s accelerator and incubator programs.
Moonrock Capital managing partner Jonathan Habicht commented on the company’s investment into SolRazr, saying that the project is targeting key elements of Solana adoption:
“Moonrock Capital is thrilled to be part of the SolRazr journey. SolRazr and its core components have been created to address several adoption-critical needs of the Solana blockchain ecosystem. It is a platform designed and developed by a leading team of experts and blockchain veterans.”