Lens blockchain raises $31M for SocialFi mainnet launch in 2025
Lens, a layer-2 blockchain by Avara, has secured $31 million in a funding round led by Lightspeed Faction.
The funds will support scaling its network infrastructure ahead of its anticipated mainnet launch on Ethereum in early 2025.
Lens is designed to cater to SocialFi applications, incorporating customisable features like accounts, usernames, graphs, feeds, and groups.
It also enables monetisation capabilities that developers can integrate into apps on the blockchain.
“Existing L2s are still too costly for mainstream adoption. To bring web3 SocialFi to the mainstream, we’re building the fastest, cheapest, and safest L2,” stated Stani Kulechov, Lens founder and CEO of Avara, highlighting the platform's focus on efficiency and usability.
The blockchain aims to provide users ownership, control, and portability of their data while ensuring a user-friendly experience with multiple monetisation opportunities.
Built with ZKsync (CRYPTO:ZK) technology and utilising the Avail data availability protocol, Lens has established partnerships with notable entities like Alchemy, Chainlink (CRYPTO:LINK), The Graph (CRYPTO:GRT), Consensys’ MetaMask wallet, Uniswap (CRYPTO:UNI), and Circle.
Additional backers in the funding round include Avail, Foresight Ventures, Wintermute Ventures, and prominent angel investors such as Rune Christensen and Spencer Noon.
Lens was first introduced in May 2022 under the Aave Companies banner, which rebranded as Avara in November 2023.
The company allocated a $250,000 grant program to developers working on the platform and acquired the team behind the Family crypto wallet.
In a related development, AaveDAO recently approved a proposal for the Donald Trump-backed World Liberty Financial platform to launch an instance of Aave on Ethereum.
This initiative secured 20% of the fees generated and 7% of WLFI governance tokens in the process.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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