Happy news for friends of the well-kept competition: With Solana, one of the many alleged Ethereum killers, has received a hefty financial injection for his 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 decentralized finance exacerbate the scaling problems of the industry leader. So it’s no wonder that from the jumble of more than 6,500 cryptocurrencies, more and more projects are emerging that would do nothing better than to knock ETH off the throne. The high-speed blockchain Solana also belongs to the ranks of potential “Ethereum killers”.
Solana has now received strong financial support from Southeast Asia. As part of a new strategic partnership with the Solana Foundation, Bitcoin exchanges OKEx and MXC will contribute $ 40 million to expand the Solana ecosystem. This is reported by the crypto portal Coindesk, citing a previously unpublished press release. OKEx feeds the fund from its “Block Dream Fund”. The fund, founded by OKEx in late February, is committed to promoting scaling solutions for Ethereum and other blockchains.
MXC, on the other hand, invests directly in a development fund for Solana:
MXC’s investments within the Solana ecosystem are focused on expanding [NFT] support and on product-centric projects built on top of Solana. Our fund seeks projects that develop technology-focused solutions in DeFi and other emerging areas
explains MXC Vice President Katherine Deng to Coindesk.
The announced financial injection did not manage to lead the SOL course out of the bearish climes. At press time, SOL is trading at $ 12.79. So SOL has to give up 13.7 percentage points compared to the previous day. However, Solana only set an all-time high of $ 18.12 at the end of February; Less than a year ago, SOL was worth less than one US dollar.
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