The Solana ecosystem is currently on the rise as applications built on it flourish and SOL performs exceptionally well in the crypto market. As Solana-based venture platform SolRazr prepares to launch the first decentralized developer ecosystem made to build quickly on the Solana blockchain, the company has secured a $1.5 million funding round.
A New Ecosystem For Developers
Solana is a decentralized blockchain built to enable scalable, low-cost, user-friendly apps. It is one of the fastest-growing ecosystems in crypto, with over 400 projects spanning DeFi, NFTs, Web3, and more.
Recently Solana has been the big name for those following the crypto news, as it jumped more than 200% in August and became the 8th largest cryptocurrency in the World. Solana is seen as a rival to Bitcoin and the Ethereum network due to it having a much more scalable network.
Solana has set the goal of improving network scalability by introducing a Proof-of-History (PoH) consensus, which helps deliver high speed, low latency, and inexpensive transactions, all at layer 1 and without sharding.
Combined with a Proof-of-Stake (PoS) consensus, which focuses on delivering scalability without sacrificing decentralization or security, the Solana ecosystem has caught the attention of institutional and individual investors.
SolRazr is Solana’s first decentralized developer ecosystem, as the SolRazr team sees the Solana platform as the future of DeFi & Web 3.0. Designed to be the de-facto fundraising and developer platform for projects building on Solana, SolRazr aims to support decentralized finance growth on the high-performance network.
SolRazr co-founder Sreekanth Kalapur notes that the project aims to be more than just a launchpad, as it will also provide developer tools to assist teams building on Solana. The whitelisting and allocation process will be facilitated through NFTs, opening up new possibilities compared to existing blockchain-based launchpads and accelerators.
Since the SolRazr platform is also built on the Solana blockchain, the team says this will enable fast speeds and low costs for raising capital directly on the blockchain:
"Solana will power SolRazr to help projects raise capital at lightning speed and to help investors contribute at negligible transaction costs. The platform is not only fast and inexpensive but also secure and bot-proof, providing fair and truly decentralized allocations for the SolRazr community,"
SolRazr will have a unique allocation model for retail investors, leveraging NFTs on Solana. SolRazr will also feature its own native token called SOLR, which will give stakers the ability to participate in sales conducted through the platform.
"Watching SolRazr develop into the platform we have today has been truly amazing. We're only just scratching the surface of what the full-service SolRazr ecosystem is capable of, and we're looking forward to unveiling that shortly,"
shares Vijay Kalangi, co-founder at SolRazr.
Backed-Up By Institutional Investors
SolRazr recently closed a $1.5 million funding round from Moonrock Capital, Ascensive Assets, and Morningstar Ventures. Several notable funds, including Genesis Block Ventures, Divergence, Genblock Capital, CMS Holdings, PANONY, and Skynet Trading, participated in the round, while angel investors such as Sam Kazemian from Frax Finance, Leo Cheng from CREAM, Santiago R Santos, and Chris McCann also contributed.
"Moonrock Capital is thrilled to be part of the SolRazr journey. SolRazr and its core components have been created to address several adoption-critical needs of the Solana blockchain ecosystem. It is a platform designed and developed by a leading team of experts and blockchain veterans,"
said Jonathan Habicht, the firm’s Managing Partner.
Ascensive Assets’ Managing Partner Oliver Blakey added that SolRazr offers builders an ideal platform to raise funds and innovate on Solana, and for investors to participate in the ecosystem.
"Blockchains and cryptocurrencies are gaining mainstream adoption with growing interest from institutional investors. However, we're still very early and not even at 1% of global tech adoption in digital assets and projects,"
said Vijay Kalangi, co-founder at SolRazr.
On The Flipside
- SolRazr is an ambitious project that still needs to launch its full functionalities and please the expectations of its investors and community.
Why You Should Care?
Solana jumped more than 200% in August and became the 8th largest cryptocurrency in the World. Solana is seen as a rival to Bitcoin and the Ethereum network due to a much more scalable network. SolRazr offers the first decentralized developer ecosystem made to build with speed on the Solana blockchain, with accelerator, launchpad, and developer tools.