Alchemy launched the Solana developer platform to boost Web3 building and development so let’s have a closer look at today’s latest blockchain news.

The Solana developers can use Alchemy and its tools to accelerate Web3 building. While Alchemy was best known for its ETH tools, it now supports Solana development so the Solana kit will be released today in “gated beta” with a wider availability promised soon. Alchemy is a company that styles itself as the Amazon Web services of Web3 and announced the launch of the new tool kit for Solana which can spur further growth on the upstart blockchain.

Founded in 2020 by two Stanford grads, Alchemy launched as a platform for tools that can help in solving Web3 tasks like writing transactions and hosting nodes. The company’s core offerings revolve around Ethereum but in the past few years, it started working on services for other blockchains like Flow and Polygon. The advantage is that Alchemy’s toolkit is likely to accelerate the development of the Solana ecosystem and will make it easier to build new applications. The blockchain hosts some Web3 hits like Magic Eden and STEPN with more to follow. With Alchemy coming in, it will level up the capability of people that build on Solana as the company’s founder said.

Alchemy also described the arrangement with Solana as an official partnership and said that the launch is a public gated beta which means only a few vetted developers can use it first. The company spokesperson said that the Solana toolkit will be available to all the newcomers in a matter of weeks. The Solana launch comes at the first bear market for crypto that is so significant and is the first time that Alchemy had to navigate a major industry downturn.

The company could be in a good position to weather down the downturn but given its role as a pick and shovel provider, the busienss model is quite different than the other exchanges that are taking quite the beating now. An Alchemy spokesperson said the number of developers using the services tripled since February and the company will continue to be profitable despite the bear market. Alchemy raised over half a billion dollars in funding and announced that it reached a valuation of $10.2 billion.

The Alchemy spokesperson says the number of developers using its services has tripled since February, and that the company continues to be profitable despite this year’s bear market. Alchemy has raised over half a billion dollars in funding, and in February announced that it had reached a valuation of $10.2 billion.