Aave developer Avara completes $31 million in financing to develop Lens, led by Lightspeed Faction

PANews reported on December 18 that according to Techcrunch, Aave protocol developer Avara announced the completion of a $31 million round of financing led by Lightspeed Faction. Alchemy, Avail, Circle, Consensys, DFG, Fabric Ventures, Foresight Ventures, Stellarcore, Superscript, Re7 and Wintermute Ventures participated in the investment. In addition, angel investors participating in this round of investment include Anurag Arjun, Anton Bukov, Rune Christensen, Alex Gluchowski, Aleksander Leonard Larsen, Loi Luu, Spencer Noon and Duncan Robinson. With Lens, Avara is building a decentralized protocol that provides infrastructure for social and consumer applications.

News of this funding round comes just weeks after Lens unveiled Lens v3, a new upgraded version of its protocol. Lens v3 was originally built on the Polygon blockchain. Consumer applications using Lens v2 include NFT creation and sharing application Zora, Twitter-like platforms Hey and Kaira, and sub-community-focused application Orb. With Lens v3, the company is solving one of the biggest problems in web3 social experiments - transaction costs.