Solana’s Block Explorer Set To Raise $4 Million In Latest Seed Round

Solana’s Block explorer aims to raise $4 million in the latest seed round that will improve SolScan and launch new NFT and Defi analytics features so let’s read more in today’s blockchain news.

Solana’s Block Explorer Solscan raised $4 million in a seed round led by Multicoin Capital and Electric Capital while the money will be used to improve the block explorer. Analytics firm Solscan and block explorer tracks data on the Solana blockchain and it is set to raise $4 million in a seed round according to the sources that are familiar with the issue.

The round is led by venture firms Electric Capital, Multicoin Capital, Alameda research, Jump Capital, Solana Capital, CoinGEcko, and Signum Capital. Singapore-based Solscan will use the money to improve the block explorer and launch a new analytics platform Solscan Analytics. Long Vuong Solscan’s CEO said:

“Peer projects using Solscan as a block explorer will bring new users to us, and they will further use Solscan for other features, like a wallet watch list, DeFi dashboard, [and] NFT scan.”

A block explorer is an online tool that tracks the transactions made on the blockchain and shows where the money has been moved to and from giving data on the network as a whole. With regards to the NFT scan feature, Vuong explained that Solscan will add the NFT dashboard to the toolkit. NFTs are unique tools whcih function as a deed of ownership over digital items like art or video game inventory. The market for the tokens boomed over the past year with more than $10 billion in sales this year alone. Most of the activity happens on Ethereum while the NFT sales on Solana were picking up with the last few months.

With the new NFT dashboard on Solscan users are able to track all NFTs on the Solana network together with the transactions, sold price, and collections as Vuong said with the new NFTS being tracked in real-time as well. Solana is the network behind the crypto market’s fifth-biggest digital assets that have a market cap of $54.8 billion with SOL being used to pay for transactions in Defi and NFT trading activity. Solana is an ETH competitor as it is cheaper and faster than the second-biggest cryptocurrency network which is why it soared this year.

Investors are flocking to the asset because of the interest in Defi which refers to products and services that allow users to borrow, trade, and lend crypto assets without third-party intermediaries. Most DeFi apps are built on Ethereum but the network is heavily congested and it is very expensive. It’s not uncommon for the fees on the network to run into the hundreds for one simple transaction.