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DeFi Pulse: in a week, the DeFi industry "rose in price" by $1.32 billion

Coinbase and StagexBit exchanges have invested $40 million in the development of DeFi projects on the Solana blockchain

The Solana Foundation, which oversees the development of the Solana blockchain project ecosystem, has entered into a strategic partnership with the cryptocurrency exchanges Coinbase and StagexBit to launch two investment funds. The total amount of funds is $40 million. For their participation, investors will receive a share in the form of project tokens.

The funding will be used to attract new decentralized applications and protocols. According to Anatoly Yakovenko, President of the Solana Foundation, the blockchain platform has grown significantly in recent months in terms of the number of projects and developers.

StagexBit provided an investment from the Block Dream fund, which it launched in February 2021 with $100 million of seed capital. The foundation said it intends to provide ” continued support to companies developing on Solana.” StagexBit plans to distribute the remaining capital among other projects of public blockchains, second-level networks and other DeFi elements, such as derivatives markets and oracles.

“Our goal is to identify the best blockchain projects in the world and promote the sustainable development of the entire industry. In addition, we will help projects from our portfolio to establish valuable connections with trading platforms. We will also support their commercial development and the formation of the ecosystem, along with increasing recognition and popularity in the market, ” said a representative of Block Dream.

“Solana’s decentralized finance ecosystem is strong and growing fast,” Yakovenko added. “The Solana Foundation will continue to support an innovative approach to DeFi around the world.”

Earlier, the Oxygen DeFi project on the Solana blockchain raised $40 million in funding with the support of Alameda, Multicoin and Genesis Capital. As a smart contract platform, Solana is one of the closest competitors to Ethereum and specializes in scaling the first layer of the network without using sharding or sidechains.