Solana is raising as much as $450 million in bid to take on Ethereum: report

The team behind the Solana blockchain is in the process of raising a large sum of money in a bid to take on Ethereum, according to a report by Decrypt. 

The project — which is best known for powering FTX's decentralized exchange Serum — could raise anywhere from $300 million to $450 million from the raise, but the exact figure is unclear from Decrypt's report. Solana co-founder Anatoly Yakovenko did not respond to a message from The Block seeking further clarity about the raise. 

Solana's blockchain promises more scalability through a new consensus mechanism known as Proof of History. It appears to be favorable among traders. Serum, which FTX announced in July, has seen its trading volumes top $1.6 billion last month, as per The Block's data dashboard. 

The ecosystem for Solana appears to be growing at a fast clip. A number of projects building on the blockchain have launched recently. Jump Trading — one of the largest high-frequency trading shops — announced Pyth, a Solana-based project that would bring Wall Street's vast amount of market data on chain.  

Last week, the Solana Foundation announced a $20 million fund to build out the ecosystem in South Korea.

In 2019, Solana announced the completion of a $20 million fundraise led by Multicoin Capital. Other investors include Blocktower Capital, Slow Ventures, and Passport Capital.

About Author

Frank Chaparro covers the intersection of financial markets and cryptocurrency as Editor-at-Large. Since joining the publication in 2018 as its first reporter, he has played a key role in building The Block into a leader in financial journalism and research. He leads special projects, including The Block's flagship podcast, The Scoop. Prior to The Block, he held roles at Business Insider, NPR, and Nasdaq. For inquiries or tips, email [email protected]