Lava Foundation, a newly formed non-profit for the development of the modular blockchain network Lava, has raised $11 million in a funding round ahead of the network's mainnet launch and token airdrop.
This is the first time the foundation is being publicly introduced, Amir Aaronson, head of the foundation, told The Block. The funding round was realized via a simple agreement for future tokens or SAFT, Aaronson said, declining to comment on the valuation. "Lava Foundation is the sole entity that sells tokens and decides the roadmap for the network until the DAO is live at mainnet," Aaronson said.Lava is a modular blockchain network, which can be compared to the popular project Celestia. While Celestia is focused on data availability, Lava is focused on data access through remote procedure calls .
"At mainnet, a token is needed for multiple reasons, e.g., RPC providers and validators join the network by staking LAVA," Aaronson said. "A token must be live for mainnet to be functional and more details will be shared by the Foundation when they are available."