TLDR:
Key Points:
- Stani Kulechov is seeking $50 million in funding for Lens Protocol, valued at $500 million.
- The Lens Network, built on ZKsync technology, is the primary focus.
In a recent development, Stani Kulechov, the founder and CEO of Avara (formerly Aave), is reaching out to US venture capital firms to secure $50 million in funding for Lens Protocol, a social media platform, valued at $500 million. The primary objective is the upcoming launch of the Lens Network, a native network utilizing ZKsync technology. Lens Protocol, along with other entities under Avara, aims to provide users control over their digital content and help them monetize their social media posts.
Full Article:
Stani Kulechov is pitching Lens Protocol to US venture firms in an effort to secure $50 million in funding at a $500 million valuation. The Lens Network, built using ZKsync’s technology, is the main focus of this funding round. While Avara has not confirmed these figures, the recent raise comes after Lens Protocol raised $15 million in 2023 without a disclosed valuation.
The Lens Protocol and Farcaster are offering crypto-alternatives to traditional social media platforms, aiming to give users control over their digital content and potential monetization opportunities. Both projects allow developers to build on top of the protocols to create their versions of social media apps. Approximately 70% of users on Lens and Farcaster have fewer than 50 followers, according to Dune Analytics.
This funding round for Lens Protocol follows a recent raise by Farcaster, a competing Web3 social media protocol, which secured $150 million at a $1 billion valuation. The growing interest in Web3 social media platforms highlights the shift towards user-controlled content and monetization strategies in the digital space.
