- Stani Kulechov pitches Lens Protocol to US venture capital firms.
- The Web3 social network raised $15 million by 2023.
According to sources familiar with the deal, Stani Kulechov is reaching out to US Venture Capital firms to secure a second round of funding for Lens Protocol.
One of the people involved in the project said that the Avara founder wants $50 million for a deal which would value Lens Protocol as a social media platform at $500 million.
Avara spokesperson declined to confirm or deny the figures and refused to comment further.
Kulechov, when asked about a token release for Lens Protocol, told DL News they “hadn’t gotten that much further.” The primary goal is the upcoming Launch of the Lens Network – a native network that uses ZKsync’s technology stack. ZKsync provides layer2 scaling for Ethereum.
Avara is a company that oversees the lending protocol Aave. It also oversees the Lens Protocol, Family its crypto wallet and GHO a stablecoin.
Lens Protocol raised $15 Million in 2023. There was no valuation available at the time of the raise, according to TechCrunch.
The latest raise comes just four weeks after Farcaster , a Web3 social protocol that competes with , raised 150 million dollars at a valuation of $1 billion. Paradigm led this round, which included a16z’s crypto arm as well as other venture firms.
Lens Protocol and Farcaster offer crypto-alternatives for popular social media platforms such as X, formerly Twitter.
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Control over content
Each interaction, like liking a post, or following another Lens Protocol user, can be recorded in the blockchain. Farcaster and Lens Protocol both allow other developers to build their own social media apps on top of these protocols.
Both projects aim at giving users control over their digital contents and, in the end, helping them monetise whatever they post on social networks.
According to Dune Analytics, approximately 70% of users have less than fifty followers.
Ben Weiss, a correspondent based in Dubai, is Liam Kelly’s counterpart. You can contact them at liam@dlnews.com or ben@dlnews.com.
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