Solana completes Dutch auction, raises $ 1.76 million

The blockchain project Solana 's launch auction on CoinList has raised $ 1.76 million, and its total fundraising has reached $ 25.6 million.

The San Francisco-based startup aims to build a scalable layer 1 blockchain without the security risks similar to Sharding. With a solution called "Proof of History," the network provides proof of the mathematical guarantee of the delay between two transactions. This method allows the network to verify the timestamp of each block and reduces the time required to prevent the same block from being produced.

The project's white paper was first released in January 2018, and the public testnet went live in July 2019. According to the company's website, the test network currently has 50 nodes and processes about 50,000 to 65,000 transactions per second.

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In a Dutch auction on CoinList on Tuesday, the startup sold 8 million tokens SOL for $ 0.22 for $ 1.76 million.

Solana COO Raj Gokal says:

"There were 1,416 registrations and we received 445 bids from 91 countries. We are very happy with the results."

Solana previously raised $ 21.5 million in its first round of funding led by Multicoin Capital. Gokal revealed that the company has also raised funds from validators, developers and other ecosystem participants. Coupled with the latest inflow of funds from the CoinList auction, Solana has now raised $ 25.6 million.

Gokal stated:

"A large part of these funds are reserved for the Staker Price Guarantee. Users can purchase tokens on the exchange and pledge, and at the same time get a guarantee equivalent to 90% of the auction settlement price, which can be at any time during the first 12 months redemption."

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