Investment Firm RockawayX Gets $125M for Early-Stage Fund for Solana Projects
RockawayX has raised $125 million for a new early-stage venture capital fund focused on supporting crypto communities, particularly those within the Solana ecosystem. The firm aims to finance projects that promote Solana's growth, which is the second-largest Layer 1 blockchain by total value locked. CEO Viktor Fischer emphasized a strategy of building applications on Solana rather than investing in new Layer 1s. The Solana Foundation is reportedly a significant liquidity provider for the fund. RockawayX has been involved with Solana since 2018 and has partnered with over 15 projects, including Kamino and Squads. The firm is launching a Dubai-based Solana City accelerator hub to identify promising projects. Despite these efforts, Solana's total value locked has decreased by approximately 30% to $9.16 billion in the past three months, and its native token has fallen 41% to $148.26 as meme coin trading declines.
