RockawayX has raised $125 million to establish a venture capital fund aimed at early-stage projects within the Solana ecosystem. This financial backing comes at a time when user interest in Solana shows signs of cooling, as evidenced by a 30% drop in its total value locked to approximately $9.16 billion in the last three months. The CEO of RockawayX, Viktor Fischer, emphasized a focus on developing applications on Solana rather than investing in new Layer 1 blockchains. The firm has been involved in the Solana ecosystem since its inception, backing over 15 projects including Kamino and Squads. The launch of the Dubai-based Solana City accelerator hub in collaboration with the Solana Foundation is expected to facilitate the identification of promising projects. In related news, Canadian firm SOL Strategies announced a substantial $500 million investment in Solana, underscoring the ongoing interest in the blockchain despite its recent downturns in engagement and token value.

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