What is Lava Network? Modular Blockchain Secures $15M in Funding

1. What is Lava Network?

Lava Network represents a Modular blockchain system, sharing similarities with the current testnet phase of Celestia.

Prior to the scheduled mainnet launch in the first half of this year, the project has initiated a user incentive program centered around accumulating points.

2. Potential applications of Lava network

Lava Network offers a versatile platform where anyone can seamlessly incorporate chains and APIs as modules. These modules are efficiently supported by a network of competitive node operators, ensuring the delivery of optimal services.

One of the primary services supported by the protocol is the Remote Procedure Call (RPC). This service has been instrumental in empowering developers to create decentralized applications (dApps) across a broad spectrum of over 30 chains.

Through its innovative modular architecture and a distributed network of peer-to-peer node operators, Lava Network provides robust foundational infrastructure. This infrastructure empowers developers to build a wide range of applications, fostering innovation and flexibility across various domains.

3. Tokenomics

LAVA functions as the native token within the Lava Network, serving as a means for transacting fees. This token assumes significant roles, including:

Staking for earning rewards.
Serving as rewards for validators and liquidity providers.

Additional information concerning the distribution and release schedule of the token will be incorporated in the forthcoming period.

4. Team

Updating…

5. Investors & Partners

Lava Network achieved a successful funding milestone of $15 million during its Seed round, with key leadership from Jump Capital, Haskey Capital, and Tribe Capital.

Noteworthy contributors to this funding round include Alliance, Node, North Island, Quiet, Finality, Dispersion Capital, Interop Ventures, Alchemy, Blockdaemon, ConsenSys (Infura), and QuickNode.

Validators and founders associated with influential blockchain projects like Cosmos, Polkadot, Filecoin, StarkWare, Axelar, NEAR, Celestia, Celo, among others, actively participated in the Seed round investment for Lava.

6. Roadmap

The project is presently in the Testnet phase and anticipates the Mainnet rollout in the first half of 2024.

7. Guide to accumulating points on the Lava Network

The project has introduced a reward system known as Magma in recent developments, symbolizing contributions to the success of the Lava ecosystem. The process of earning Magma involves users switching their blockchain connection to Lava, with eligibility on initial blockchains including Ethereum, NEAR, Starknet, Evmos, and Axelar.

To engage in this process, users can follow these specific steps:

Connect your wallet to the points.lavanet.xyz website with the code Magma.
Swap RPC URLs in the wallet to URLs supported by Lava on NEAR, Starknet, Evmos, Axelar, and Ethereum.
Use the wallet and dApps to earn points.
Check the leaderboard and review your ranking.
Share the referral code to receive more points when new users join through your referral link.

Illustrating the process, consider the example of changing the blockchain connection using the Metamask wallet, shifting from the Evmos chain to Lava:

Open the Metamask wallet and go to settings, then select networks.

Take Evmos as an example in this context. Replace the new RPC URL with the information displayed in the image. Afterward, click on the "Save" option to complete the setup and initiate the point-earning process.

If RPC connections in Ethereum, NEAR, Starknet, and Axelar wallets change, you can refer to this link.

Earning points through the referral program:

If you refer to user A, and A earns 1000 points weekly; you will earn 10% - 100 points weekly without affecting A's point total.

Anyone using Lava with wallets integrated into the project will earn bonus points. At the time of writing, the project is collaborating with Sender Wallet on NEAR.