Lava Foundation Raises $11 Million for Network Expansion

Lava Foundation, tasked with managing the growth of Lava Network, secured $11 million through a SAFT investment round.

The newly formed organization responsible for managing the growth of Lava Network, the Lava Foundation, has successfully raised $11 million through a SAFT investment round.

Brands, Gate.io Ventures, and CoinGecko Ventures were among the prominent Web3 companies and VCs that contributed to the funding. Sandeep Nailwal, a co-founder of Polygon, Ash Crypto, and CryptoLark, also joined as angel investors.

The Rollup, Le Journal du Coin, and Crypto Times Japan were reportedly among the media outlets that took part in the round.

Fundraising for Lava Network’s mainnet launch and airdrop is just a few weeks away.

The first step is to build a decentralized blockchain network that uses RPCs for easy expansion and contraction. This will allow for data access and communication between different blockchains.

Lava asserts that it has already processed more than 20 billion RPC requests across all blockchains while on the testnet. Launched in February of this year, the platform’s Magma program awards users with points; operators of blockchain nodes also receive prizes for providing efficient RPCs.

Amir Aaronson, the head of the foundation, spoke to The Block about the significance of the Lava token. The Foundation will release more information as it becomes available, but a live token is necessary for Mainnet to function.

The Lava Foundation will sell tokens and decide on the network’s roadmap, according to Aaronson, until the DAO is operational on the mainnet.

The Lava Network website states that numerous projects have joined its network, such as NEAR Protocol, Evmos, and Axelar. Additionally, the network has signed contracts with various chains such as Ethereum, Osmosis, Fantom, Aptos, Arbitrum, Polygon, Filecoin, Juno, Starknet, Celo, and Cosmos Hub.