Alchemy expands into the Solana ecosystem

Alchemy expands into the Solana ecosystem

The company, which is valued at $10.2 billion, will support developers who want to build on the chain.

Alchemy is expanding its services to the Solana ecosystem, the Web 3 developer platform announced Thursday. The beta phase is now available to users and will be released to the general public in the coming weeks, according to a press release.

Popular Web 3 products such as OpenSea, Aave and 0x were developed through Alchemy. Product manager Michael Garland told CoinDesk that Alchemy is excited to serve the "existing, thriving, very passionate ecosystem of developers that grew up natively with Solana."

"We weren't able to help them with our existing tools," he said, noting that the new platform will help developers save time and speed up product development. "I'm really looking forward to making Solana developers' lives easier," Garland added.

Although Alchemy just launched Ethereum scaling solutions last June, Austin Federa, head of communications at Solana Labs, said the chain's efficiency is a good platform for developers looking to take their products from Web 2 to Web 3.

"The hope of Solana" is to "move from a world where transactions are scarce, expensive and slow to a world where transactions are fast, cheap and readily available," Federa told CoinDesk.

Alchemy raised $200 million in a Series C-1 funding round in February, at a valuation of $10.2 billion. Garland said the platform has "tens of thousands" of developers, but did not specify a number.