Grape Network, the project behind the Solana blockchain crash last week has raised $1.8 million from venture capital firms as part of its initial decentralised exchange (DEX) offering.
In a round headed up by Multicoin Capital, the community toolkit developer closed in $1.2 million; a funding amount that comes just off the bat of the public sale. The public sale, which saw Grape pull in $600,000, was a key part of the reason behind Solana’s server overload. As the blockchain host for Grape, Solana saw a 17-hour black off of service when the network was flooded with bot buyers.
According to an interview with CoinDesk, Grape Network founder Dean Pappas confirmed that Grape was “part of the reason [Solana] got broken” also he also noted that the “didn’t break it out of intention.”
What is Grape Network?
“The last IDO before $GRAPE went up who knows how much,” he said. “Everybody knew that this was going to be doing very well, so that’s why these bots were set up to do 400,000 transactions per second, attacking the Serum market.”