Solana Boosts Pantera Capital’s Fund by 66% in Q1: Insights
Crypto News
Pantera Capital has reported a outstanding 66% shriek in its crypto fund for the period of the first quarter of the year.
Notably, Pantera’s Liquid Token Fund broaden coincides with Solana’s efficiency, which noticed a 99% stamp broaden in Q1.
How Solana Aided Pantera Capital’s Development
The fund is now valued at round $300 million. This is seemingly to be attributed to a strategic shift in investment center of attention. It diminished exposure to digital property tied to Bitcoin and Ethereum. As a substitute, the agency opted to emphasise Solana and reasonably just a few altcoins reminiscent of Ribbon Finance, Aevo, and Stacks.
Cosmo Jiang, Pantera Capital’s portfolio manager, outlined the reasoning in the encourage of this pivot. He effectively-known challenges for Ethereum-linked tokens, citing diminished odds of Ethereum alternate-traded funds (ETFs) approval. Despite Bitcoin’s first-quarter surge of 67% to a brand recent all-time excessive above $70,000, the agency slashed its holdings by over half to make investments in reasonably just a few promising initiatives.
Pantera Capital’s worthwhile investment in Solana comes as no surprise, having bought SOL tokens at a wide low cost from the bankrupt FTX alternate. BeInCrypto reported that FTX offered 30 million SOL at $64 to VC corporations love Pantera Capital and Galaxy Buying and selling. Nonetheless, these tokens are self-discipline to a four-year lock-up period.
Despite a handy e-book a rough outage on Solana in February, its outstanding efficiency in the first quarter is mighty. SOL’s stamp surged by roughly 99%, hitting a three-year excessive of over $200, propelling its market capitalization to an all-time excessive.
Be taught extra: 6 Perfect Platforms To Aquire Solana (SOL) in 2024
Solana additionally emerged as a hub for memecoins, fostering a thriving ecosystem that propelled the community’s average daily situation quantity on decentralized exchanges up by 319% to $1.5 billion. Furthermore, Solana-essentially based initiatives raised $89.2 million in the first quarter, indicating a wide uptick in contrast to total funding for final year.
“Solana additionally took strides in its capacity to toughen institutions with the beginning of token extensions, which enable a self-discipline of configurable capabilities for token issuers. Nonetheless, the increased community explain ended in congestion issues, that are being addressed in upcoming networking, scheduler, and price market upgrades,” analyst at Messari afformed.
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