Lens Protocol, a Web3 gaming platform, raised $15 million in funding to enhance its decentralized social media experience. The investment signifies a significant boost for the Web3 gaming industry and will support the expansion of Lens Protocol’s ecosystem and product offerings.
Lens Protocol’s approach aligns with its vision to create an internet infrastructure that is not controlled by major corporations such as Meta. By fostering decentralization, Lens Protocol aims to establish a more equitable, fair, and democratic version of the internet. Stani Kulechov, CEO of Aave Companies, emphasized the importance of maintaining decentralization while constructing a robust and inclusive internet infrastructure.
Leading the seed round of investment was IDEO CoLab Ventures, with support from renowned venture capital firms, DAOs, and notable investors like Uniswap CEO Hayden Adams and OpenSea co-founder Alex Atallah.
Lens Protocol has been actively working to scale its social network since its inception in May 2022. A significant milestone was achieved in April 2023 with the introduction of Momoka. Momoka aims to lower gas prices and improve data throughput by removing transactions from the Polygon proof-of-stake chain. Lens Protocol assures that transaction verifiability will remain intact through off-chain storage layers.
In parallel news, Taiko Labs successfully raised $22 million over two funding rounds to develop a Type 1 zero-knowledge Ethereum Virtual Machine (zkEVM). This technology holds immense potential in increasing the scalability of the Ethereum L1 layer, as highlighted by Ethereum co-founder Vitalik Buterin in a blog post from August 2022. Type 1 zkEVMs enable rollups to leverage existing infrastructure efficiently, making them an ideal solution for rollup implementations.
The recent investments in Lens Protocol and Taiko Labs demonstrate the growing confidence and support for innovative projects in the Web3 space. These developments fuel optimism for the future of decentralized social media experiences and scalable Ethereum solutions.