Avara, the company behind the popular Lens Protocol, has raised $31 million in a funding round led by Lightspeed Faction. The funds will be used to scale the Lens network, a Layer-2 blockchain specifically designed for social applications.
Lens, a decentralized social graph protocol, intends to give people control over their social data and content. By building on a Layer-2 solution, Lens seeks to address the scalability and cost limitations of existing social platforms. This approach allows for faster and cheaper transactions, making it more accessible to a wider range of users.
The funding will accelerate the development of Lens, enabling the platform to launch its mainnet in early 2025. Avara plans to use the funds to enhance the network’s infrastructure, improve user experience, and attract more developers to build on the platform.
This investment underscores the growing interest in decentralized social platforms and the potential of Layer-2 solutions to revolutionize the social media landscape. As Lens continues to evolve, it aims to provide a more equitable and user-centric alternative to traditional social networks.
