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

BlockBeats reported that on May 7, the Lava Foundation, a non-profit development organization for 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, after Lava development company MagmaDevs completed a $15 million seed round 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. Multiple 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 infrastructure such as indexing, subgraphs, and sorting.