Lava Network airdrops 55 million tokens and starts a public mainnet
- Phased mainnet launch and 55 million LAVA token airdrop by Lava Network began today, with $2 million in incentives to be distributed to network users.
- A modular blockchain business is receiving assistance from numerous previously announced partners, including Filecoin Network, Starknet Foundation, and Cosmos Hub.
The project began with a large token float and capped supply in order to experiment with tokenomics.
Filecoin FIL decreased by 3.47%. Lava Network, a modular blockchain startup, is receiving assistance from Network, Starknet Foundation, and Cosmos Hub for its staggered mainnet launch and 55 million LAVA token airdrop. This comes after Axelar and NEAR, among other programs, provided support.
Lava is a modular blockchain that was founded in 2022 and uses remote procedure calls (RPCs) to give other projects data access, or the ability to retrieve and distribute blockchain data. The idea has resemblance to the highly anticipated Celestia network, which places greater emphasis on “data availability.”
Blockchain node operators are rewarded for joining Lava and offering RPC services with rewards pools that are divided according to the number of customers they service as well as qualitative metrics like accuracy, speed, and uptime. The initiative declared that $2 million in mainnet participant incentives will be offered at launch.
Put differently, Lava can be used by blockchain initiatives such as NEAR or Axelar to cover the cost of hiring node infrastructure providers to supply data to application developers. Lava asserts that during its testnet period, it handled more than 40 billion RPC queries despite having a rather experimental design.
Lava Network’s incentive pools are bringing in new providers and fostering competition, which is decentralizing the NEAR RPC layer. According to a statement from Illia Polosukhin, co-founder of NEAR Protocol, this has enhanced the experience for both NEAR app developers and users.
Google Cloud, which operates nine nodes to provide Ethereum data, is one of the other RPC customers.
Investors as well as technical users have shown a great deal of interest in the project. While the recently established non-profit Lava Foundation raised $11 million in May from Animoca Brands, CoinGecko Ventures, and Polygon co-founder Sandeep Nailwa, among others, the Lava Network raised a $15 million seed round late last year that was co-led by Jump Capital, Hashkey Capital, and Tribe Capital.
Furthermore, the project is experimenting with tokenomics, unlike many recent initiatives that aim to unlock tokens and progressively increase the supply in a move that many believe could negatively impact token prices. Instead, the project is starting with a large number of tokens in circulation and a capped supply.
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.
