Solana is the new hype – Big funding worth $200 million this month alone
Solana is getting massive traction this week, after two big announcements rocked the crypto world. First up, Solana Ventures partnered up with FTX and venture capital firm Lightspeed in order to launch a web3 gaming initiative with a $100 million fund. To follow that up, Reddit co-founder Alexis Ohanian just announced his intention to build a decentralized social media on Solana blockchain worth another $100 million in investment.
Do not be surprised if Solana explodes in value with the latest press and hype coming its way.
Solana the chain
Sidechains to the main Ethereum chain like Solana have been gaining traction recently – they solve some of the major issues that the main chain have, such as the high gas costs and transaction times. Solana is competing with Ethereum, and this year, they’ve seen a growth of 12.000%. That sort of explosive growth is unusual even in the world of crypto – and it spells good things for Solana. By now, it’s the fourth-biggest coin in the world – and it’s actively engaging with more and more partners, such as Brave, integrating into the Brave Browser.
Their native wallet Phantom already has more than 1 million active users, with more still to come. Solana is on a massive upwards trajectory, so the establishment of a gaming side of the chain is a definite must – the potential for growth in both player numbers and sheer trading volume is enormous.
The first news came as the Solana/FTX/Lightspeed partnership was announced less then a week ago. It was made in order to support various different gaming projects that, of course, use the Solana network. The first such investment has already happened – they supported the gaming company Faraway, whose work is based on the Solana blockchain. They received quite a lot of cash to supplement their own funding round. Earlier in the year, they completed a $9 million round, and now secured another $21 million on top of that.
Parts of those $21 million were also contributed by companies like Pantera Capital, Sequoia Capital and Jump Capital. It’s not hard to see why they were able to accumulate quite so much money – they have a relatively unique proposal. At the moment, they are the only blockchain game with a multiplayer component in Solana.
The second big news came at the Solana-focused conference Breakpoint. Reddit co-founder Alexis Ohanian revealed “fund 776” worth $100 million aimed at creating the next wave of social, built on Solana.
With Faraway changing how games are played with their first game: Mini Royale: Nations. And new social media hype coming the way of Solana, expect the price to rise sharply over the next few days. It seems both our favorite pass times, FPS Games and Reddit are coming to Solana.