Homegrown crypto startup SolanaFM introduced right this moment (December 24) that it has closed its seed funding spherical led by digital belongings platform Coinhako, and block explorer for the Ethereum blockchain Etherscan.
The funding quantity is undisclosed, and can it’s used to speed up SolanaFM’s product growth, with the first focus of offering equitable entry to Solana’s information and rising its consumer base.
“We had been offered with a number of provides from different VCs and large gamers, however we determined to run with Etherscan and Coinhako due to their sturdy presence within the crypto area, related line of enterprise and clientele to SolanaFM and their mastery in crypto and enterprise growth,” mentioned Nicholas, co-founder and CEO of SolanaFM.
With each Coinhako and Etherscan now onboard, the 2 entities will contribute their business expertise and experience by taking over an advisory position and mentoring them.
SolanaFM was based by three Singapore Administration College (SMU) undergraduates — Nicholas Chen, Chin Bing Huang and Fathurrahman.
Throughout their college summer season break, the trio looked for fascinating crypto hackathons to work on and that’s once they stumbled upon the Solana Season hackathon in Could.
“We regarded into doable options for the Solana ecosystem to increase and enhance on its useful makes use of. We realised that Solana’s ecosystem wanted a quick, scalable, and composable entry to blockchain information in order that builders can give attention to constructing options on prime of Solana. From there, we discovered an answer just like Etherscan — who’s one in all our buyers — and that’s how SolanaFM was established,” recounted Nicholas, who can be the CEO of SolanaFM.
SolanaFM: First indexer for probably the most scalable blockchain
SolanaFM is the primary indexer for the Solana blockchain that permits you to collect and course of information with most effectivity.
It supplies easy accessibility to information throughout the Solana community, which accommodates full Solana historic information to simply create quick and scalable purposes, or to easily facilitate indexing and querying providers.
Merely put, it’s an indexing engine that permits you to discover completely different units of information by means of easy queries. The platform makes it simpler to make use of Solana by protecting all related info a number of keystrokes away.
“SolanaFM is the best gateway to Solana’s uncooked information. We assist our customers (who’re primarily ecosystem builders) by dealing with the advanced activity of archiving information all through the historical past of the blockchain which allow customers to construct data-driven merchandise with a lot ease,” defined Nicholas.
For instance, information analytics platforms can collect historic Solana information from SolanaFM from the beginning of the community till right this moment for additional evaluation. Deeper evaluation similar to NFT and transaction monitoring may also be carried out to additional enhance the well being of Solana’s ecosystem to cut back malicious actions.
Based on Nicholas, the startup was first began with the concept of constructing analytical instruments and dashboards for Solana tasks.
“Nevertheless, we later found that completely different protocols have completely different variations, desires and wishes. This was not scalable and took a lot of our time. Due to the suggestions given by our angels, we pivoted in direction of tackling a much bigger drawback but to be solved within the Solana blockchain and that’s the difficulty of offering uncooked information and queries.”
“From then on, we shifted our focus in direction of perfecting our providers by enhancing learn speeds and larger information output amongst many different technicalities. Since then, our infrastructure is able to scale to deal with Solana’s transaction pace and accommodate to our shoppers’ wants.”
Sturdy progress behind sturdy crypto adoption
Commenting on the crypto panorama in Singapore, Nicholas mentioned that he noticed sturdy assist from the federal government with the introduction of the Cost Providers Act, which has helped to construct a secure, conducive and environment friendly surroundings for crypto firms to function in.
Over the approaching months, he foresees that bridging options between Centralised Finance (CeFi) and Decentralised Finance (DeFi) will floor, similar to Coinhako’s Earn, enabling residents in Singapore to simply generate curiosity on prime of their cryptocurrencies.
“From there, crypto options will usually grow to be simpler and extra enticing to make use of, and we are going to ultimately witness the true widespread adoption of cryptocurrencies in Singapore,” he added.
To this point, SolanaFM has processed over 10,000 queries and a portfolio of over 50 trusted enterprise prospects, starting from CeFi and DeFi firms and household places of work.
Since August 2021, the startup has additionally been working carefully with the Solana Basis and different huge gamers within the ecosystem similar to Metaplex.
It’s seeking to discover extra fascinating partnerships and shall be internet hosting a hackathon within the second quarter of 2022 in a bid to generate new inventive concepts for its tasks.
Sharing different future enterprise plans, SolanaFM mentioned that it’ll regularly enhance and excellent its providers for customers. As a part of this effort, it should additional develop its indexer to introduce extra features to offer higher pace and safety.
“In the end, SolanaFM’s aim is to grow to be the information supply to every part Solana. We need to make finance and NFT information in Solana readily accessible, and grow to be the “golden spade” within the ecosystem,” summed up Nicholas.
Featured Picture Credit score: SolanaFM
