Dragonfly Capital continues its investment in the Solana ecosystem with an $18M Series A extension for Andrena, boosting Solana’s decentralized wireless internet initiatives.
The investment highlights ongoing interest in Solana’s potential, suggesting possible cohabitation with Ethereum in tokenization, as Solana’s DeFi sector surges and U.S. institutional confidence grows.
Dragonfly Capital, a prominent venture capital firm, recently led an $18 million Series A extension for Andrena, a Solana-based decentralized internet project. This backing underscores Dragonfly’s ongoing investment in Solana’s ecosystem, fueling dialogue on Solana and Ethereum coexisting in tokenization.
The firm’s past investments highlight its support for Layer 1 technologies like Solana.
Solana’s Potential Growth Echoed in DeFi TVL Surge
The investment renews focus on Solana’s potential to coexist with Ethereum. It aligns with Dragonfly’s broader strategy, though no official statements from major players confirm specific stance on the Solana-Ethereum race.
Financial implications of Dragonfly’s backing include increases in Solana’s DeFi Total Value Locked (TVL), which surged 32.7% in Q3 2025. Such growth reflects tokenization’s role in driving both Solana and Ethereum ecosystems forward.
Venture Capital Confidence Boosts Solana’s Scalability Prospects
Historical VC-led funding in Solana includes a previous $15M investment in Andrena, similar to Dragonfly’s latest move. Such investments emphasize Solana’s appeal as a leading Layer 1 platform alongside Ethereum.
Experts from Kanalcoin suggest Dragonfly’s support could indicate growing confidence in Solana’s scalability. This confidence mirrors sentiments during previous Solana expansions, hinting at potential coexistence with Ethereum in decentralized finance.
As noted in expert conversations, discussions within the crypto community, including developer activity and sentiment toward Solana’s initiatives, are ongoing yet without direct quotes or statements linked to Dragonfly’s funding strategies.
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