Lava Network Raises $15 Million in Seed Funding
Lava Network, a developer of modular blockchain infrastructure, has secured $15 million in a seed funding round ahead of its mainnet launch. The round was co-led by Jump Capital, Hashkey Capital, and Tribe Capital, with participation from North Island Ventures, Dispersion Capital, Alliance DAO, Finality Capital Partners, and others. Executives from Celestia, Cosmos, StarkWare, Filecoin, and other blockchain ecosystems also participated. Founded in 2022, Lava aims to provide data access through remote procedure calls (RPCs) and indexing. Developers can use Lava to retrieve and send blockchain data. The network is currently in testnet and plans to launch its mainnet in the first half of this year.
What is Lava Network?
Lava Network is a modular blockchain network that focuses on data access through RPCs and indexing. Developers can make RPC requests to send and retrieve blockchain data, while indexing helps them obtain specific data from a blockchain network. Lava allows for the dynamic addition of new chains and APIs to support access to all of web3. It differentiates itself from Celestia by focusing on data access rather than data availability.
Lava’s Incentivized Public RPC Service
Last month, Lava launched an incentivized public RPC service on NEAR, Evmos, Axelar, and other blockchains. Blockchain node operators join Lava and are rewarded for providing performant RPCs based on volume served and quality of service. This optimization benefits developers and users by improving performance. Lava plans to add more chains to its RPC service in the near future.
Lava’s Future Plans
Lava intends to expand its modular approach beyond data access and introduce oracles, sequencing, and other blockchain data infrastructure. The goal is to become a “permissionless everything store for any web3 service.” Lava also plans to launch a reward points program called Magma, where users can earn points by switching their RPC connection to Lava. The redemption of Magma points for Lava’s own token has not been confirmed.
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