Shortly
- Rockaway X raised $125 Million for its latest venture capital fund.
- This fund is primarily intended to support the development of projects based on Solana.
- It is at a moment when the interest of users in layer 1 Blockchains has cooled that Solana’s investment push comes.
RockawayX Investments has been successful in obtaining $125 million to create a new venture capital fund for early stage crypto projects. Solana.
The company plans to invest its newly raised money in projects which will help grow the Solana eco-system, known as the second-largest RockawayX has released a statement that explains the layering of total locked value.
“Rather than investing in more L1s, we focused on building applications on Solana and being the first user for our founders—from providing liquidity to running solvers and operating hardware services,” RockawayX CEO and founder Viktor Fischer said in the statement.
RockawayX Venture Capital Fund’s liquidity providers are not publicly identified. The public is rarely informed of the liquidity providers that fund managers use.
Source familiar with the situation told Decrypt The Solana Foundation provides a large amount of liquidity to the Fund.
RockawayX made its first investment in the Solana eco-system in 2018. It supported the network’s initial seed round, according to the company. In the past, RockawayX has worked with 15 different projects in Solana including Kamino Squads Exponent and DoubleZero.
According to a RockawayX representative, the company’s partnership with the Solana Foundation in Dubai and its upcoming launch with Helius Labs and Solana City will enable it to identify projects with high potential on Solana.
Adoption of the network’s once-popular center is driving the investment firm to boost building in Solana. Last year’s meme coins craze, slows.
Solana’s total value locked — a metric that often serves as a proxy for user engagement on a given blockchain — has dropped roughly 30% to $9.16 billion over the past three months, according to DeFi Llama .
Over the last three months the native layer 1 token fell by 41%, to $148.26. The meme coin trade is coolAccording to CoinGecko’s data,.
Sebastian Sinclair edited the book
