Wednesday, February 28, 2024

Grape Network, the company that broke Solana, has raised $1.8 million in funding

Last week, Solana’s token sale was broken by Grape Network. The same project has, this week, raised nearly $1.8 million from venture capital firms, together with the $GRAPE offering. On Thursday, nearly $1.2 million was closed during a round led by Multicoin Capital.

This comes in the wake of last week’s $600,000 sale. So many bot-buyers participated that the host Solana went offline for nearly the whole day. The founder of Grape Network, Dean Pappas, said that it was not their intention to break Solana, but they were a part of the reason Solana broke.

Breaking the Blockchain

The Grape Network project is still a relatively niche project. That it could break a blockchain like Solana means that Solana’s tech team has some serious questions to answer and work out. The Solana Foundation plans to get to the bottom of what happened within the next few weeks.

However, early assessments and reports suggest that the $GRAPE IDO, or the first DEX offering, was probably to blame for what happened. The IDO that went before $GRAPE was expected to do really well. However, with nearly 400,000 bots set to make transactions every second, the Solana server couldn’t handle the load.

The Solana Server Crash

The Solana server, when faced with hundreds of thousands of transactions every second, went offline. The server was offline for nearly seventeen hours. This led to Grape Network canceling their plans to place $GRAPE to use. Solana was back on by the morning.

Cryptured Team
Cryptured Team
The writers team at is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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