Lens Raises a $31 Million Funding for Blockchain Expansion

Crypto News Blockchain

SocialFi Future: Lens Raises a $31 Million Funding for Blockchain Expansion

Written by Aaron S.,

Editor-In-Chief

Last Updated: December 19, 2024

Key Takeaways

Lens raised $31M to boost infrastructure for its SocialFi-focused blockchain, aiming for a 2025 Ethereum mainnet launch;
Built on ZKsync and Avail, Lens offers user-friendly tools like feeds, groups, and monetization for blockchain-based social apps;
Avara’s Lens combines Web2 simplicity with blockchain benefits, backed by strong partnerships and a developer-focused program.

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SocialFi Future: Lens Raises a $31 Million Funding for Blockchain Expansion

BITDEGREE IN YOUR SOCIAL FEED

Avara's project, Lens, has secured $31 million in funding to support its goal of making social finance (SocialFi) more accessible.

The funding, led by Lightspeed Faction, will help enhance Lens' infrastructure ahead of the planned mainnet launch on Ethereum ETH $2,928.92 in early 2025.

According to Lens V3's announcement, it provides tools like feeds, groups, usernames, and monetization options, allowing developers to create social applications with blockchain capabilities.

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Founder Stani Kulechov envisions Lens as a cost-effective and user-friendly platform that combines the simplicity of traditional online tools with the advantages of blockchain. He said:

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. <...> Lens delivers the ease of Web2, while providing the unparalleled benefits that only blockchain can deliver.

Lens began in May 2022 and is part of a broader initiative by Avara, formerly known as Aave AAVE $150.51 Companies. Avara recently launched a program for developers to build on Lens and expanded its ecosystem by acquiring the Family crypto wallet.

The blockchain is built on ZKsync technology and uses the Avail protocol for data availability. It has partnerships with stablecoin USD Coin USDC $1.00 , decentralized exchange Uniswap UNI $6.03 , decentralized network Chainlink LINK $12.32 , and indexing protocol The Graph GRT $0.0364 .

As Lens prepares to redefine blockchain-based social interactions, another Ethereum-based innovation also makes waves. Recently, Beacon Chain celebrated four years of growth, evolving into a blockchain powerhouse. How did Beacon Chain achieve its success? Read the full story.