- US venture firms are hearing Stani Kulechov’s proposal for Lens Protocol.
- In 2023, the Web3 social network brought in $15 million.
According to persons familiar with the negotiations, Stani Kulechov, the founder and CEO of Avara, is contacting US venture capital firms in an attempt to obtain further money for Lens Protocol.
According to a source close to the negotiations, the Avara creator is reportedly looking for $50 million in a purchase that would value Lens Protocol, a social media platform, at $500 million.
The representative for Avara chose not to elaborate further and did not confirm or refute these numbers.
Kulechov stated that they hadn’t advanced that far. According to him, the main goal is the impending introduction of the Lens Network, a native network created with ZKsync’s technological stack. ZKsync is an Ethereum layer 2 scaling solution.
Under Avara’s direction are the lending protocol Aave, the stablecoin GHO, the Lens Protocol, and Family, the company’s cryptocurrency wallet.
Lens Protocol raised $15 million in 2023. TechCrunch claims that at the time of the financing, there was no valuation available.
Four weeks ago, a rival Web3 social media network called Farcaster raised $150 million at a $1 billion value. This latest round of funding follows. Other venture firms and the crypto division of a16z joined the round, which was led by Paradigm.
Crypto-alternatives to well-known social networking sites like X, formerly known as Twitter, include Lens Protocol and Farcaster.
Authority over content
Any engagement on the Lens Protocol, such as liking a message or following someone else, may be tracked on the blockchain. Other developers can build on top of the protocols provided by Lens Protocol and Farcaster Protocol to produce their own custom social networking programs.
The eventual goal of both projects is to enable people to monetize the digital material they create and share on social media.
Dune Analytics estimates that 70% of users on Lens and Farcaster have fewer than 50 followers.
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.
