Lava Foundation Completes $11 Million Token Funding, Animoca Brands and Others Participate

2024-05-08 00:03:34BlockBeatsShare to:

According to BlockBeats, on May 7, the Lava Foundation, the non-profit development organization of the modular blockchain project Lava, announced that it had completed $11 million in token financing before its mainnet and token airdrop.
Investors in this round of financing include Animoca Brands, Gate.io Ventures, Coingecko Ventures, Polygon co-founder Sandeep Nailwal, etc. This is the first public appearance of the Lava Foundation. Previously, Lava development company MagmaDevs completed a $15 million seed round of financing in February.
As a modular blockchain focused on providing data access through RPC, Lava has now entered the testnet stage and has provided over 20 billion RPC request services for multiple blockchains. Many projects such as NEAR, Evmos, and Axelar are using Lava's services.
The Lava mainnet is expected to be launched in the first half of 2024, when the native token LAVA will also be issued. The total amount of LAVA tokens is set at 1 billion, part of which will be airdropped to users. The Lava Foundation stated that LAVA tokens are essential to the function of the mainnet, and nodes and validators need to stake LAVA tokens to join the network.
In the future, in addition to RPC services, Lava also plans to support other data infrastructures such as indexing, subgraphs, and sorting. Amir Aaronson, head of the Lava Foundation, said: "Before the DAO went online, the foundation was the only entity that sold tokens and determined the network development roadmap. We will work with the community to jointly promote the development of the Lava network."

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