Solana-based Project Grape Network Raises $1.2 Million

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Solana blockchain-based project Grape Network, which develops tools for creating DAOs, has recently raised $1.2 million in a seed funding round, The Block reports.

The round was led by Multicoin Capital with the participation of SkyVision Capital, Definitive Capital, LongHash Ventures, Double Peak Group and Solana Capital.

The Grape Network previously raised $600,000 through an IDO on the Raydium platform. The token sale caused the Solana blockchain to stop working for around 17 hours – the network was unable to stand the congestion due to the influx of a large number of participating bots.

The project has also received funds through token sales, said the main participant of the Grape Network, Dean Pappas.

The company plans to use the capital to expand the protocol team from the current 10 people. Pappas said:

“The demand for our toolbox has exceeded all expectations and we need to double our team size to meet that demand and continue to evolve in line with our roadmap.”

The protocol is currently focused on serving the Solana ecosystem. Projects using it include Saber Labs, Degen Ape Academy and SolanaMonkeyBusiness.