Quick take:

  • Web3 investment companies Animoca Brands, Gate.io Ventures, and CoinGecko Ventures were among those who participated in the round.

  • The foundation is planning its mainnet launch and token airdrop in the coming months.

  • The platform leverages remote procedure calls (RPCs) to facilitate communication and data access across blockchains.

Lava Foundation, the organisation recently launched to oversee the development of Lava Network has completed an $11 million funding round via a simple agreement for future tokens (SAFT).

The fundraising attracted participation from leading Web3 companies and VCs including Brands, Gate.io Ventures and CoinGecko Ventures, with Polygon co-founder Sandeep Nailwal, Ash Crypto and CryptoLark joining as angel investors.

Crypto Times Japan, Le Journal Du Coin and The Rollup also participated in the round, The Block reported.

The fundraising comes just weeks ahead of Lava Network’s planned mainnet launch and airdrop.

The foundation is building a modular blockchain network that leverages remote procedure calls (RPCs) to facilitate communication and data access across blockchains.

Currently in testnet, Lava claims to have already served over 20 billion RPC requests across blockchains. The platform rewards users with points under the Magma program launched in February this year, with blockchain node operators also rewarded for providing performant RPCs.

Commenting on the importance of the Lava token, Amir Aaronson, head of the foundation told The Block: “At mainnet, a token is needed for multiple reasons, e.g., RPC providers and validators join the network by staking LAVA. A token must be live for mainnet to be functional and more details will be shared by the Foundation when they are available.”

According to Aaronson, Lava Foundation will be the sole entity that sells tokens and decides the roadmap for the network until the DAO is live at mainnet.

Lava has already onboarded several projects to its network including NEAR Protocol, Evmos and Axelar and signed contracts with other chains including the likes of Ethereum, Osmosis, Fantom, Aptos, Arbitrum, Polygon, Filecoin, Juno, Starknet, Celo and Cosmos Hub, according to information on the Lava Network website.

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The post Lava Foundation Completes $11M Token Round for Its Modular Blockchain Network appeared first on NFTgators .