We are thrilled to announce that $9 million has been raised in KYVE’s third financial round in support of our upcoming mainnet launch and the ongoing expansion of our Web3 data lake. This round was led by key players such asDistributed Global, Wicklow Capital,IOSG Ventures, Anagram (Joseph Eagan & Lily Liu),Cerulean Ventures,Huobi Incubator, andMEXC.
In less than a year, KYVE’s protocol activity has grown exponentially, now with 950 active nodes (850 protocol nodes, and 100 chain nodes), more than 23.7M on-chain events, and 182,000 bundles of data created. Our community has also grown strong, with now over 130,000 members across our media channels.
A Successful Third Round
No matter the market situation, looking toward the future is imperative. This is precisely what the companies who participated in this funding round are doing, supporting KYVE in bringing forward the future of data reliability and decentralization.
KYVE is on a mission to enable developers and projects to scale without data restraints thanks to our protocol archiving valid and reliable data. To support these initiatives, a major part of the proceeds from this fundraising round will be directed towards continuing the growth of KYVE’s Web3 data lake, bringing on more integrations and unique use cases to benefit Web3 scalability.
We also aim to use part of the fundraising proceeds to help grow our team, bringing on more senior members in the engineering, marketing, and finance sectors. In doing so, we can better prepare for the upcoming mainnet launch and take on larger tasks and missions.
Next Up for KYVE
For KYVE, the upcoming months will be filled with exciting events. On a more short-term range, we will soon be completing Phase 2 ofMission Korellia, the last stage of our incentivized testnet. We have already learned a lot from our developer and node community and look forward to having them test out more KYVE features in the coming weeks to help us best prepare for mainnet launch.
Next up for KYVE will be more unique use cases and integrations with L1 and L2 projects, the release of new products, our Token Generation Event (TGE), first CEX/DEX listings, and of course, mainnet launch. It will be a very busy year, and we look forward to sharing every bit of it along the way!
About KYVE
KYVE, the Web3 data lake solution, is a protocol that enables data providers to standardize, validate, and permanently store blockchain data streams. By leveraging permanent data storage solutions like Arweave, KYVE’s Cosmos SDK chain creates permanent backups and ensures the scalability, immutability, and availability of these resources over time. KYVE’s network is powered by decentralized uploaders and validators funded by $KYVE tokens and aims to operate as a DAO (Decentralized Autonomous Organization) in the near future. This past year KYVE has gained major support, currently backed by top VCs, including Hypersphere Ventures, Coinbase Ventures, Mechanism Capital, CMS Holdings, and blockchains such as Arweave, Avalanche, Solana, Interchain, and NEAR.
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