PANews reported on May 8 that according to The Block, Lava Foundation has successfully raised $11 million in funds before the launch of its network mainnet and token airdrop. The fundraising was achieved through a simple agreement for future tokens (SAFT), and investors included Animoca Brands, Gate.io Ventures, Coingecko Ventures, Polygon co-founder Sandeep Nailwal, etc. Lava Foundation is a newly established non-profit organization dedicated to the development of the modular blockchain network Lava. The Lava network focuses on providing data access services through remote procedure calls (RPCs). It is currently in the testnet stage and plans to officially launch the mainnet and LAVA tokens in the first half of 2024. The total supply of LAVA tokens is set at 1 billion, and part of it will be distributed to users through airdrops. In addition, Lava also plans to support more data infrastructure services in the future, such as indexing, subgraphs, sorting, etc.
