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Solana blockchain has been in the news for the right reasons lately. The platform recently partnered with Rock Capital to set up the Solana Eco Fund to expand its operations in Korea. This time, the platform is hitting headlines due to another massive funding it received recently to develop its technology.
According to a WSJ post, the company received $314 million funds from Polychain Capital and Andreessen Horowitz, a notable venture-capital corporation in Silicon Valley.
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But rather than the traditional purchase of equity shares, the transaction was made through the purchase of Solana’s SOL digital tokens.
More projects and Expansion to South Korea
As earlier stated, Solana wants to have a major impact in the South Korean market after it partnered to further develop operations within the region. Last week, the blockchain received a $20 million fund from ROK Capital.
With the collaboration, the blockchain platform is planning to expand the adoption rate in South Korea, especially when it comes to decentralized applications (DeFi).
The ROK Capital fund will be used to provide specific services for projects to effectively accelerate DeFi adoption in Korea.
Last week, Terra and ETH 2.0 staking service Lido integrated the Solano (SOL) blockchain to expand its proof-of-stake chains.
Solana has also been the go-to platform for projects like Raydium 1, Oxigen 2, and the Pyth Network 3. More projects are expected to use the platform as it keeps expanding features.
The latest funding will also galvanize the platform to expand its user base and improve efficiency.
Improved competition with Ethereum
The Solana blockchain is in direct competition with the Ethereum platform. Blockchains like Ethereum have been criticized on several occasions, especially due to network congestions. Present, the platform carries out 13 transactions a second.
On the other hand, the Solana developers say the platform is capable of processing over 50,000 transactions in the same period. And as new hardware is updated, the capacity may also increase. With this level, it’s no surprise that the platform has been very busy getting more projects ready for such high efficiency.
Solana is backed by FTX chief executive officer Sam Bankman-Fried, with his trading firm Alameda Research actively investing in the platform since it was launched.