Lava Network has effectively raised $15 million in its seed funding round, marking the initiation of the next stage for its mainnet.
As outlined in a recent blog post by Lava Network, the seed funding round saw collaborative leadership from Tribe Capital, Jump Capital, and Hashkey Capital. Additional participation came from Alliance DAO, Node Capital, North Island Ventures, Finality Capital Partners, and various other investors.
Lava Network’s Modular Architecture
The funding aimed to establish a pivotal modular data access layer for web3, distinguishing itself from projects like Celestia and Dymension, which focus on data availability, settlement, and consensus.
Lava’s architecture is poised to facilitate scalable multi-chain access by allowing the seamless addition of APIs and chains as modules without requiring permission. Node operators will play a vital role by serving these modules, while the protocol will ensure efficiency by directing requests to the most optimal node providers.
According to the blog, “Lava is a unified platform that brings together data providers across any chain and any service: RPC, indexing, oracles, MEV APIs, sequencers, etc.”
“Access to blockchain data is crucial, and anyone can contribute to the Lava layer to assist in scaling web3,” the blog concludes.
Magma Points: Rewarding Community Contributors
Lava Network has also unveiled the next phase of its mainnet, introducing Magma point earning rewards.
Users can now accumulate points by connecting their wallets to Lava. Additionally, bonus points can be earned through partner wallets such as Leap Cosmos and Sender Wallet.
Within the ecosystem, points are tailored to acknowledge contributions across various roles. For example, app developers can earn points by launching projects and submitting requests via Lava. Delegators can amass points by supporting network providers and validators, thereby enhancing network efficiency and security.
Furthermore, data providers have the opportunity to earn points for operating nodes and delivering data across different blockchains. This structured points system is designed to incentivize participation, aligning with Lava’s goal of providing scalable, multi-chain data access.
“Rewards are distributed based on the volume served and the quality of service, including factors like speed, uptime, and accuracy, ultimately optimizing performance for developers and users,” stated Lava Network CEO Yair Cleper.
