Singapore based Solscan’s plans to use the funds raised to launch new DeFi and analytics features on its block explorer as traffic starts to build up on the Solana Network
Web3 Project Solscan’s Better Toolkit
Solscan raised $4 million in its seed funding round led by Multicoin Capital and Electric Capital plans to improve its block explorer and launch a new analytics platform called Solscan Analytics. Block explorer is an essential tool to track transactions on the network. Etherscan.io is the block explorer for the Ethereum network.
Apart from Multicoin Capital and Electric Capital, Solscan was also backed by Jump Capital, Alameda Research, Solana Capital, Signum Capital, and CoinGecko.
“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.” Long Vuong, Solscan’s CEO told Decrypt.
Solscan will be adding an ‘NFT dashboard’ to its range of toolkits. The Solana network has been riding the Non-Fungible Token (NFT) craze via its own marketplace, Solanart.io with its low fee and high speed transactions.
Solana Driving Web 3.0’s Narrative
Solscan is integral to the Solana ecosystem. Solana is one of the main drivers that will lead the Web 3.0 revolution. Web 3.0 will fundamentally change how web interaction takes place by making the web autonomous and censorship resistant.
Solana provides developers the platform to build on layer-1 that is scalable. David Grider, the Head of Research in Grayscale said in his tweet,
“3/ By being fast (400 millisecond block times), low cost (~$0.001 per transaction), and decentralized (2,242 global nodes), Solana aims to eliminate the need for Layer 2 solutions that other blockchains require.”
Ethereum is currently grappling with issues relating to its high gas fees and low speed. The solution that the Ethereum developers are heavily relying on is in layer-2. The growth of an ecosystem is best judged by the development activities that are taking place.
On-Chain Analytics
Users favours a platform that is both economical and easy to use. DeFi on Ethereum is too expensive for the average user. Therefore, with a proper suite of tools, Solana can be an attractive alternative to Ethereum. Solscan will likely lead this initiative.
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Source: Solana News
