Coral’s Major Funding Announcement
In a move that’s got the crypto community buzzing, Coral, the innovative developer behind the Solana ecosystem, has successfully closed a whopping $20 million investment round. This influx of cash is backed by heavyweights in the crypto venture capital world, including FTX Ventures and Jump Crypto. Not too shabby, right?
What’s Cooking with Backpack?
So, what’s all this money for? Coral plans to leverage these funds to enhance its internal operations and roll out its flagship product, the intriguingly named Backpack. This isn’t your average crypto wallet; it’s touted to offer what Coral calls “crypto-native experiences” via something deliciously dubbed executable nonfungible tokens or xNFTs. Imagine WeChat’s mini-programs, but for the crypto realm—yep, that’s xNFTs for you!
The Private Beta Buzz
Just to stir the pot even more, Backpack has become available for a private beta test, with Discord members being offered priority access. If you weren’t on Discord, sorry to say, but you missed the VIP line! As for the excitement, Coral has proudly announced that over ten significant projects on Solana have already started actively developing on Backpack. So, the future looks bright for this interactive wallet.
Solana’s NFT Rollercoaster Ride
But how’s Solana handling all the buzz? Well, it’s been a bit of a rollercoaster. Recently, Solana became the second blockchain (after Ethereum) to experience technical hiccups under the sheer weight of soaring NFT activity. It temporarily went dark, thanks to army-sized bots attempting to mint NFTs like it was Black Friday.
Coral’s Vision and the Network’s Resilience
Despite such thrilling ups and downs, Coral remains steadfast in its mission. Founder Armani Ferrante states his ambition to “make Backpack the default portal to the Solana ecosystem.” Bold words for a bold wallet! Not to be overlooked, even amidst network outages, Solana has seen a surge in daily transactions, surpassing Ethereum’s at certain points. With daily transactions peaking at an impressive 40 million by the end of the second quarter, it’s clear that Solana isn’t going anywhere. Buckle up, folks; this is just the beginning!
