Highlights:
- Lava’s technology stack offers a modular network, enabling developers to access blockchain data via remote procedure calls (RPC) and indexing.
- Lava has collaborated directly with ecosystems through an incentivized RPC program and node providers, establishing partnerships with NEAR, Axelar, Starknet, Koli, Agoric, and numerous others.
Lava Protocol Inc., a startup providing a modular data network to improve access scalability for blockchains, has announced the completion of its Lava Protocol seed funding, securing a USD 15 million investment round. Spearheaded by Jump Capital, Hashkey Capital, and Tribe Capital, the funding aims to bolster its infrastructure and data marketplace.
The Lava Protocol seed funding round also drew interest from Alliance, Node, Quiet, Finality, North Island, Dispersion Capital, and various other investors. Top blockchain infrastructure providers and ecosystem validators, including Alchemy Insights Inc., Blockdaemon, Cosmos, ConsenSys Software Inc., Polkadot, Filecoin, and StarkWare Ltd, joined the funding round.
Lava’s technology stack offers a modular network, enabling developers to access blockchain data via remote procedure calls (RPC) and indexing. RPC serves as a method for applications to communicate with blockchains, facilitating the reading and writing of data. Indexing, on the other hand, is a specialized utility used to pinpoint the location of data, enabling its access and analysis.
Using a modular protocol, Lava allows developers to obtain data from blockchain networks easily to interact at the data layer by acting as a marketplace for RPC node providers. Data consumers utilize Lava to retrieve data from the blockchain by submitting requests, while RPC providers deliver data and earn rewards in return.
“At Lava, our vision is to unlock innovation across Web3 by giving developers total flexibility to build with the most performant and scalable infrastructure,” stated Lava’s Founder and core contributor, Yair Cleper. “For a long time, infrastructure providers decide which chains to serve — they control the keys to all the doors. Developers use Lava to build whatever, wherever.”
Traditionally, when selecting an infrastructure provider, developers would become tied to a specific blockchain like Ethereum, Solana, or Celo. Yet, with a modular marketplace enabling providers to join and establish data access routes, developers can now obtain data access from any RPC provider affiliated with the protocol.
To achieve this, Lava has collaborated directly with ecosystems through an incentivized RPC program and node providers, establishing partnerships with NEAR, Starknet, Axelar, Koli, Agoric, and numerous others. According to the company, there are already over 30 blockchains accessible through RPC.
Lava is presently in the testnet phase, with plans for the full launch of the protocol in the first half of this year. Before the launch, Lava introduced “Magma points,” a system designed to reward wallet users for connecting blockchains through the service.