Solana-Based DAO Developer, Grape Network, Raises $1.2 Million in Funding
The blockchain resurgence is still in full swing, with several leading platforms – and the projects built on them – seeing more attention.
The most recent on the roll call is Grape Network – a network for building decentralized autonomous organization (DAO) that runs on the Solana blockchain.
Two Impressive Funding Rounds in a Week
Grape’s objective is to make it easier for decentralized finance (DeFi) protocols and non-fungible token (NFT) projects to create their DAOs. Despite just launching five months ago, it is quickly becoming an integral part of the Solana blockchain.
So integral is Grape that it closed a $1.2 million funding round. The round was led by Multicoin Capital – a crypto and blockchain investment firm based in Austin, Texas. Other participants include SkyVision Capital, LongHash Ventures, and even Solana Capital.
Grape’s recent funding round is coming after the company had raised $600,000 via an Initial Decentralized Exchange Offering (IDO) on the Raydium AcceleRaytor crowdfunding platform just last week. Grape’s IDO was famous for having caused an outage on the entire Solana network that lasted about 17 hours.
At the time, Dean Pappas, Grape’s co-founder, had explained that they were quite happy with the IDO’s performance. If investor demand for Grape had caused a network like Solana to go down, it showed that they are indeed on the right path.
Like it did with its IDO, Grape completed its latest funding round via a token sale. Papas told industry news sources that they would be looking to use the funds to upscale and improve on their current products. Pappas pointed out that demand for Grape’s toolset has already beaten their expectations, and they would be hoping to improve their workforce and capacity to handle demand and keep up with their developmental roadmap.
Grape already saw significant progress with its Grape Access tool, which lets DAOs provide access to community members based on their wallet balances. The tool connects users’ cryptographic keys with their social accounts, thus identifying real network contributors and delegating tasks to them to further the DAO’s objective.
Solana Projects Doing Numbers
Grape hopes to improve the efficiency and seamlessness involved in running DAOs, giving a sneak preview of more things to come, Papas told news sources that Grape is also looking to launch an intra-DAO payment system that will make it possible for DAOs to program quicker payments.
Grape isn’t the only Solana-native protocol that raised capital this year. Earlier this week, Orca – a decentralized exchange built on the blockchain – completed a Series A funding round valued at $18 million. The round was led by Three Arrows Capital, with participation from Polychain Capital, Solana Capital, Coinbase Ventures, and more.
Orca explained that the funds would be used to improve its automated market maker (AMM) solutions for the Solana (SOL) blockchain. The project, which is less than a year old, explained that it hopes to differentiate itself from other AMMs by offering a better user experience.