Lava Foundation Snags $11 Million to Build Modular Blockchain Network

Lava Foundation has raised $11 million in a SAFT round, attracting participation from Web3 investment companies such as Animoca Brands, Gate.io Ventures, and CoinGecko Ventures. The funds will support the upcoming launch of the Lava Network mainnet and token airdrop. Lava Network is a modular blockchain that facilitates communication and data access across blockchains using remote procedure calls (RPCs).

Lava Foundation Secures $11 Million Funding for Modular Blockchain Network

Lava Foundation, the organization spearheading the development of Lava Network, has successfully concluded an $11 million funding round through a Simple Agreement for Future Tokens (SAFT). The round witnessed participation from prominent Web3 investors, including Animoca Brands, Gate.io Ventures, and CoinGecko Ventures. Notably, Polygon co-founder Sandeep Nailwal, Ash Crypto, and CryptoLark joined as angel investors, solidifying the project's credibility within the industry.

The funding boost comes just weeks ahead of Lava Network's anticipated mainnet launch and token airdrop. The foundation is diligently constructing a modular blockchain network that leverages Remote Procedure Calls (RPCs) to facilitate communication and data accessibility across diverse blockchains.

Currently in testnet, Lava boasts an impressive record of serving over 20 billion RPC requests across blockchains. Recognizing the active participation of users, the platform rewards them with points under the Magma program, which was launched earlier this year. Additionally, blockchain node operators are incentivized for providing efficient RPCs.

Emphasizing the significance of the Lava token, Amir Aaronson, head of the foundation, remarked, "At mainnet, a token is indispensable for multiple reasons. RPC providers and validators join the network by staking LAVA. A token must be available for mainnet to function optimally. Further details will be disseminated by the Foundation in due course."

According to Aaronson, Lava Foundation will assume sole responsibility for token sales and determining the network's roadmap until the Decentralized Autonomous Organization (DAO) is operational on the mainnet.

Lava Network has proactively established collaborations with multiple promising projects, including NEAR Protocol, Evmos, and Axelar. The network has also secured contracts with prominent chains, such as Ethereum, Osmosis, Fantom, Aptos, Arbitrum, Polygon, Filecoin, Juno, Starknet, Celo, and Cosmos Hub, demonstrating its commitment to fostering a robust and interconnected ecosystem.

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