TechFlow news, according to DLNews, Stani Kulechov, founder and CEO of Avara, is seeking to raise $50 million from U.S. venture capital firms to fund the social media platform Lens Protocol, which would value Lens Protocol at $500 million, according to sources familiar with the matter.
When asked about a potential token launch for Lens Protocol, Kulechov said "we haven't reached that stage yet." The current primary focus is on the upcoming launch of Lens Network, a native blockchain network built on the ZKsync tech stack. Four weeks ago, its competitor Farcaster raised $150 million at a $1 billion valuation.
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