In an angel round, $1 million was raised by MadFi, the firm behind the Bonsai token, which they claim to be Lens Protocol’s first meme coin.
The financing was led by Palm Tree Crew (PTC) Crypto and included participation from Avara Ventures, Social Graph Ventures, Friends With Benefits, and Sandeep Nailwal of Polygon.
Launched on March 4, Bonsai surged ahead of funding news recording a 32% spike on Thursday. In the last 24 hours, the token has dropped by 25%.
After being permissionless and enabling users to establish new profiles without needing a whitelist, Lens Protocol’s user base has doubled in the last few weeks. The number of Lens users has increased from 142,468 to 270,703 since February 27, as per data from on-chain data platform Dune Analytics.
The fundraising announcement claims that the token’s utility goes beyond straightforward transactions and unites platform, creative, and user interests. More than $3 million in $BONSAI have already been paid to Lens creators.
Bonsai is making money off of the memecoin frenzy that has been sweeping the cryptocurrency world. The MadFi team believes Bonsai’s success could portend a similar tale for the Lens ecosystem, despite the fact that Base and Solana are well-known ecosystems for meme coins.
It’s interesting to note that BONSAI is officially a “DN404,” or a “Divisible NFT”; the holder will earn 1 Bonsai NFT for every 100,000 tokens their wallet accumulates.
Friends with Benefits, Refraction, Boys Club Inc., Fire Eyes, Robert Leshner, Spencer Noon, and co-founder of Polygon, Sandeep Nailwal, were among the other investors, demonstrating the wide support for BONSAI’s potential to revolutionize content monetization on blockchain networks.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
