Strata Secures $1.5M in Capital To Create Permissionless Token Management Tools

Strata plans to use the funding to further build the team that can help expand the ecosystem’s applications.

A $1.5M Fund Raise led by Multicoin Capital

As the first permissionless token launchpad on Solana without listing fees, Strata Protocol has raised $1.5 million in a series seed round led by Multicoin Capital to develop no-code tools for permissionless token issuance and management.

In an announcement from April 5, Strata Protocol also mentioned that the seed round had active participation from Solana Ventures, Starting Line, Alameda Research, and Asymmetric Partners. Among the other notable investors were Bill Lee, the co-founder of Craft Ventures, Chris McCann, a partner at Race Capital, Saurabh Sharma, a partner at Jump Crypto, Roneil Rumburg, and Forrest Browning, founders of Audius, and Tristan Yver, the Director of Strategists at FTX. In addition, the article from April 5 mentions that the funding will be used to further build Strata’s team so that they can help the community launch their tokens and expand the ecosystem’s use cases for their tokens. 

“Excited! It means we can grow and scale this product. I’m super excited to see what people build on top of it”. Noah Prince, the co-founder of Strata Protocol, shares his excitement with Web3 Wire over the funding and further adds, “I think gamefi will be one of the biggest use cases. A plug-and-play protocol to quickly launch your token will enable a lot of smaller companies in the GameFi space”.

Noah, also known as Redacted Noah on Twitter, announced the Strata protocol launchpad at the recently concluded Solana Riptide Hackathon, where he discussed the features the launchpad would offer. The Strata launchpad is available to anyone – whether designing tokens, selling them, raising money for a cause, or creating Dynamic Pricing NFT Mints – noted in an earlier article from Web3 Wire.

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“Launching a token should be as easy as launching a website with Shopify or Wix,” Noah expresses about Strata protocol. “Strata is the best way for creators, builders, and entrepreneurs to integrate tokens, and novel experiences around tokens, into the heart of their communities.”

According to an exclusive from Strata Protocol, Wumbo is the first web3 application built upon the Strata protocol. It is a Chrome extension that allows anyone to easily mint, buy, or sell social tokens, starting with Twitter. Through Wumbo, anyone can create a social token for themselves or someone else and trade them directly from inside Twitter in only a few clicks.

“Strata and Wumbo weave the power of social tokens directly into the fabric of social media, making them broadly accessible to a massive, worldwide audience overnight,” says Multicoin Capital managing partner Tushar Jain. “Social tokens have the potential to restructure the relationship between fans and creators in a way that unlocks direct or one-to-many engagement and a vast new design space for monetization. As creators experiment with these tools, we expect social tokens to become one of the most important building blocks in the creator economy.” 

The Strata protocol is available on the mainnet of Solana and is entirely open-source. In March 2022, SlowMist completed the protocol audit. Strata Protocol, according to the press release, is the fastest and easiest way to get social tokens into the hands of fans. 

What is Strata Protocol?

Strata is a token launch and management protocol that makes it extremely simple to create and monetize tokenized economies centered on a person, project, or collective. Furthermore, due to instant price discovery, Strata social tokens can begin trading on day one using liquidity bootstrapping curves and automated market makers.

According to the website, Strata includes hooks and helpers to make React coding a breeze. Strata also provides SDKs for instantly launching Tokens without needing the Rust programming language or prior experience with Solana.

Further, Strata features bounties that allow you to set up and support projects that you want to see come to life. You can use Bounties to commission art projects or bring your favorite musician to your city.

Learn more about Strata Protocol:

Twitter | Website | Discord

Source : web3wire.news

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