DeFi projects raise millions on Solana (SOL)
Decentralised finance (DeFi) projects are pumping hard, just like Solana itself. Its native token skyrocketed during the summer, securing its place in the top 10 altcoins. Solana saw several of its DeFi projects raise millions of dollars last week alone.
Solana continues to take over investors’ hearts
Solana’s DeFi protocols flew too close to the Sun last week when a surge in transaction volume caused the Solana blockchain to crash on Tuesday, 14th September. The spike arose partly due to a flood of transactions for a new social-networking protocol on the network called Grape. The project still managed to raise an impressive $600,000 (~£436,000) during its public fundraise on Raydium’s “Acceleraytor”.
Parrot Protocol, backed by an algorithmic stablecoin PAI, succeeded even more than Grape since it raised $69 million in an Initial DEX Offering from investors Sino Global Capital, Alameda Research, and QTUM VC. Parrot’s a non-custodial lending platform and decentralised exchange — similar to the Maker protocol on Ethereum (ETH).
The goal of this new protocol is to make value locked in DeFi systems accessible — or make things “liquid again”. The protocol allows greater capital efficiency because holders can participate in new yield farms on Solana without stopping their yield farming on ETH Layer 1.
On Thursday, 16th September, a lending protocol called Larix also launched on Solana. The protocol extends the collateral base to accept non-fungible tokens (NFT) and enables peer-to-peer (P2P) lending across all asset classes. In general, all valuable assets in Larix digital wallets should find their places and value propositions as collateral to release liquidity.
Among other crypto-backed projects on Solana are Flippies, a sold-out NFT penguin collection, to be distributed on September 21.
Solana has a lot of potential to grow and it is in its team’s best interest for the network to develop properly.
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