The post zkSync Commits to Allocate $22.4M Worth of ZK for Lens Protocol to Build on zkSync appeared on BitcoinEthereumNews.com.

Coinspeaker zkSync Commits to Allocate $22.4M Worth of ZK for Lens Protocol to Build on zkSync According to sources familiar with the deal, zkSync has committed to providing Lens with a significant amount of tokens to aid its development on its platform. Although the precise number of tokens allocated to Lens has not been confirmed, insiders suggest that Lens was offered around 0.5% of zkSync’s total token supply. With each ZK token valued at $0.21, this amounts to approximately $22.4 million. This attractive offer reportedly led other blockchain competitors to withdraw from the bidding war to secure Lens. Neither Matter Labs, the core developer behind zkSync, nor Avara, the parent company of Lens, have commented on the deal’s specifics. This allocation is part of a broader token distribution by zkSync, which recently airdropped 3.6 billion ZK tokens to nearly 700,000 wallets. Strategic Expansion and Funding In May, Kulechov revealed that Lens would develop a new version of its platform on zkSync, leveraging its robust infrastructure for the next development phase. Labs’ zkStack, powered by zkSync. This new infrastructure aims to provide the scalability and security required for Lens to enhance its decentralized social media offerings. In addition to support from zkSync, Kulechov is actively pursuing further investment to fuel Lens Protocol’s growth. He is currently in talks with U.S. venture capital firms to secure an additional $50 million in funding. If successful, this investment would value Lens Protocol at over $500 million, according to sources. However, Kulechov has neither confirmed nor denied these figures. Alongside Lens Protocol, Avara oversees several other projects, including the stablecoin GHO, the crypto wallet Family, and the lending protocol Aave. Competitive Environment This funding is crucial as Lens Protocol aims to strengthen its position in the competitive Web3 social media market. In 2023, Lens raised…

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Filed under: News - @ June 19, 2024 12:16 pm