Lava Foundation completes $11 million financing, with participation from Animoca Brands and others.

according to The Block, the Lava Foundation has completed a $11 million funding round before the launch of its mainnet and token airdrop, with participation from Animoca Brands, Gate.io Ventures, CoinGecko Ventures, Polygon co-founder Sandeep Nailwal, Ash Crypto, CryptoLark, and media outlets Crypto Times Japan, Le Journal Du Coin, and The Rollup.

It is reported that the Lava Foundation is a newly established non-profit organization dedicated to developing the modular blockchain network Lava. The Lava network focuses on providing data access services through Remote Procedure Call (RPC) and is currently in the testnet phase, planning to officially launch its mainnet and LAVA token in the first half of 2024. The total supply of LAVA tokens is set at 1 billion, with a portion to be distributed to users through airdrops.