Solana gets $40 million jumpstart for dApps and marketing

Solana gets $40 million seed funding for dApps and marketing

Good news for friends of cultivated competition: With Solana, one of the many supposed Ethereum killers has received a hefty financial injection for its ecosystem.

DeFi is both a curse and a blessing for Ethereum: on the one hand, the numerous, sometimes more, sometimes less innovative DeFi projects show that there is no need for a middleman to process complex transactions. On the other hand, the cascading smart contracts of Immediate Bitcoin decentralised finance exacerbate the scaling problems of the industry leader. No wonder, then, that out of the tangle of now over 6,500 cryptocurrencies, more and more projects are emerging that would like nothing better than to knock ETH off its throne. The high-speed blockchain Solana is also one of the potential “Ethereum killers”.

DeFi on Solana: OKEx and MXC give financial injection

Now Solana has received financially powerful support from Southeast Asia. Under a new strategic partnership with the Solana Foundation, bitcoin exchanges OKEx and MXC will contribute USD 40 million to expand the Solana ecosystem. This is reported by the crypto portal Coindesk, citing a previously unpublished press release. OKEx is feeding the fund from its “Block Dream Fund”. The fund, founded by OKEx at the end of February, is dedicated to promoting scaling solutions for Ethereum and other blockchains.

MXC, on the other hand, invests directly in a funding fund for Solana:

MXC’s investments within the Solana ecosystem are focused on expanding [NFT] support and product-centric projects that build on Solana. Our fund looks for projects that develop technology-focused solutions in DeFi and other emerging areas

MXC vice president Katherine Deng tells Coindesk.

SOL share price remains unimpressed

Meanwhile, the announced cash injection has not managed to lead the SOL share price out of bearish territory. At the time of going to press, SOL is trading at USD 12.79. This means that SOL has lost 13.7 percentage points compared to the previous day. However, Solana only set an all-time high of USD 18.12 at the end of February; just under a year ago, SOL was worth less than one US dollar.