Bittime - Lava Foundation, a non-profit organization focused on developing the blockchain, has just announced the success of raising funds of US$ 11 million.
For Network Development
Several big names such as Animoca Brands, Gate.io Ventures, CoinGecko Ventures, Sandeep Nailwal (co-founder of Polygon), Ash Crypto, CryptoLark, Crypto Times Japan, Le Journal Du Coin, and The Rollup participated in this funding.
The funds raised by the Lava Foundation will be used to continue developing the Lava network. Interestingly, this funding was carried out through a token scheme (token round) and took place ahead of the mainnet launch and LAVA token airdrop.
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What is Lava Network?
Lava Network is a modular blockchain network that has similar functionality to the well-known blockchain project, Celestia. However, if Celestia focuses on data availability, Lava focuses on data access via Remote Procedure Calls (RPC).
RPC requests play an important role in helping decentralized applications (dApps) to obtain data from the blockchain and carry out important functions such as sending transactions, checking balances, airdrop claims, and creating smart contracts.
Trial Phase and Future Plans
Lava Network is currently still in the testing phase (testnet) and is claimed to have served more than 20 billion cross-blockchain RPC requests. Lava currently provides rewards to users through the Magma program in the form of points. Blockchain node operators who join Lava can earn rewards for providing well-performing RPC services.
Meanwhile, users can earn Magma points by switching their RPC connection to Lava. According to Aaronson, the launch of the Lava mainnet and LAVA tokens is still on schedule, namely in the first semester of 2024.
Also Read: What is Fundraising, Fundraising?
LAVA Token Function and Airdrop Plan
Aaronson explained that the LAVA token has several important functions on the mainnet, including as a requirement for RPC providers and validators to join the network through LAVA staking, as well as as an instrument that supports mainnet functionality.
Meanwhile, the total supply of LAVA tokens has reached 1 billion, with some of it being distributed via airdrop to users. There is no official information regarding the conversion of the Magma points program into LAVA tokens. Aaronson was also reluctant to comment on the number of Magma points that have been distributed since this program was launched in early 2024.
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Lava Ecosystems and the Future Vision
A number of well-known blockchain projects such as NEAR Protocol, Evmos, and Axelar are known to have used Lava services. Meanwhile, Lava stated that it has signed contracts with other blockchains such as Filecoin, Starknet, and Cosmos Hub. Apart from focusing on RPC services, Lava also has plans to support other data infrastructure in the future, such as indexing, subgraphs, sequencing, and others.
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DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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