Home Finance Lava Community Raises $15 Million in Seed Funding, Introducing Magma

Lava Community Raises $15 Million in Seed Funding, Introducing Magma

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Lava Community Raises $15 Million in Seed Funding, Introducing Magma

Lava Community has efficiently secured $15 million in a seed funding spherical, introducing the subsequent part of the mainnet.

In keeping with a current weblog put up by Lava Community, the seed funding spherical was co-led by Tribe Capital, Soar Capital, and Hashkey Capital. Alliance DAO, Node Capital, North Island Ventures, Finality Capital Companions, and different traders participated within the spherical.

Excited to share Lava Protocol’s $15 million seed elevate to construct a modular information entry layer for Ethereum & web3.

We’re additionally introducing our subsequent part to Mainnet: Magma.

Pockets customers can now earn factors on @ethereum, @NEARProtocol, @Starknet, @EvmosOrg and @axelarnetwork. pic.twitter.com/RwUTDHF4F4

— Lava Community 🌋 (@lavanetxyz) February 15, 2024

Lava Community’s Modular Structure

The funding was aimed toward establishing a vital modular information entry layer for web3, setting it aside from initiatives like Celestia and Dymension that focus on information availability, settlement, and consensus.

Lava’s structure would allow scalable multi-chain entry by permitting the addition of APIs and chains as modules with out permission. Node operators will contribute by serving these modules, whereas the protocol ensures effectivity by directing requests to the optimum node suppliers.

“Lava is a unified platform bringing collectively information suppliers throughout any chain and any service: RPC, indexing, oracles, MEV APIs, sequencers and so on,” in line with the weblog.

“Entry to blockchain information is vital and anybody can contribute to the Lava layer to assist scale web3,” the weblog reads.

Magma Factors: Rewarding Neighborhood Contributors

Lava Community additionally introduced the subsequent part of their mainnet, introducing Magma level incomes rewards.

Customers can now obtain factors by altering the wallets’ connection to Lava. Apart from, customers can earn bonus factors utilizing companion wallets together with Leap Cosmos and Sender Pockets.

Within the ecosystem, factors had been designed to acknowledge contributions throughout a number of roles. As an illustration, App builders can earn factors by launching initiatives and making requests by way of Lava. Delegators can accrue factors by supporting community suppliers and validators, enhancing community effectivity and safety.

As well as, information suppliers might obtain factors for operating nodes and delivering information throughout numerous blockchains. This structured factors system deliberate to incentivize participation, sustaining Lava’s goal to supply scalable, multi-chain information entry.

“Rewards are distributed primarily based on quantity served and high quality of service, i.e., velocity, uptime, and accuracy, thereby optimizing efficiency for builders and customers,” stated Lava Community CEO Yair Cleper.

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