OKEx and MXC to commit $40 million to DeFi development on the Solana blockchain

Cryptocurrency exchanges OKEx and MXC have decided to allocate $40 million as strategic investments in the Solana blockchain ecosystem.

The funds will go to projects and developers through the Solana Foundation’s grant program. In addition to financing, it also provides technical support and help with recruiting personnel. OKEx and MXC will receive tokens in exchange for the investments.

“The development of the Solana ecosystem will continue with expanded support for non-fungible tokens and product-oriented projects,” said Catherine Dan, vice president of MXC, in an interview with CoinDesk.

OKEx, via the Block Dream Fund, will commit $100 million to the development of networks such as Solana, layer-2 solutions, and such components of the DeFi ecosystem as oracles and derivatives platforms.

“We expect to help projects grow and to connect them with trading platforms,” said representatives of the OKEx Foundation.

Solana is a project developing a scalable blockchain protocol for creating decentralized applications and smart contracts. It is positioned as an alternative to Ethereum, with which in October 2020 developers created cross-chain bridge.

In August, the cryptocurrency derivatives exchange FTX launched the decentralized exchange Serum on the Solana blockchain. The platform will be compatible with Ethereum through the use of the second-layer solution Optimistic Rollup.

Earlier during tests Solana demonstrated a throughput of 60 000 TPS. By developers’ estimates, the theoretical network capacity could reach 710 000 TPS.

How to accelerate the blockchain to 710,000 transactions per second: A look at the Proof of History algorithm

Stablecoins USDT and USDC have been issued on the Solana blockchain.

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