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Solana (SOL) Rises with AscendEX and OKEx Partnerships

2 mins
Updated by James Hydzik
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In Brief

  • AscendEX exchange announced withdrawal and deposit functions over Solana on March 26.
  • Solana also tweeted about a $20 million fund being set up by Block Dream Fund.
  • Block Dream Fund is owned by OKEx.
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The Solana ecosystem gets a $20 million developmental boost from OKEx-owned Block Dream Fund and connects with AscendEX.

AscendEX exchange announced on March 26 that it launched support for operations over the Solana Program Library, or SPL. AscendEX users now deposit and withdraw SRM, USDT, USDC, FIDA, MAPS and OXY.

The announcement continues a pattern of good news flow for Solana. The market response has kept SOL rising. The coin is up 15.9% for the past 24 hours and sits just below an ATH of $19.22. The coin reached this ATH on March 28.

$20 million for Development

Solana tweeted on March 26 that Block Dream Fund launched a $20 million fund focused on the project. The fund hopes to support the massive expansion of the ecosystem in 2021. In the past month, the team notes, over 50 “market-read projects” launched on the platform.

Solana Raydium

Solana is a blockchain platform designed to take on Ethereum in the institutional finance market. For example, the platform is the underpinning for Serum, a derivatives exchange. It also includes Raydium, an automated market maker. As of February, Raydium had already seen over $1 billion in volume.
The platform attracted interest quickly, and plans already exist for building out SushiSwap onto Solana. It is one of the ways SushiSwap is looking to work around the high fees on Ethereum.

Dream a Block Dream Dream

Projects like the Solana – SushiSwap integration are what attracted Block Dream Fund in the first place. OKEx set aside $100 million for Block Dream Fund. The Fund’s remit, to “empower talented entrepreneurs and exceptional projects innovating with blockchain technology,” makes the two a good fit.
“We are delighted to partner with Solana Foundation and look forward to working together to empower high-quality projects and accompany their development,” said Dora, the Founder of Block Dream Fund.

Rise of an Ethereum Killer?

Solana is attracting attention because Ethereum transactions have become expensive with the rise in popularity. Coin Metrics shows that ETH blocks have become fuller since the beginning of 2020. The rise in DeFi in particular has affected transaction costs.

Is there Room for Solana?

The first platforms to be called “Ethereum Killers” included established projects such TRON. Newer ones such as Polkadot, tried to encompass Ethereum as much as replace it. However, Polkadot has a mass consumer approach that, while very powerful, lacks the focus on institutions that Solana does. Perhaps, before Ethereum launches sharding, the market will have splintered on its own.

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James Hydzik
James Hydzik is a finance and technology writer and editor based in Kyiv, Ukraine. He is especially interested in the development of regulation in the face of increasingly rapid technological change. He previously covered the CEE region for Financial Times banking and FDI magazines. An ardent believer in gut renovating eastern Europe one flat at a time, he currently holds more home renovation gear than crypto.
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