Lens Protocol is seeking to raise $50 million at a $500 million valuation

BlockBeats news, June 18, according to DLNews, according to people familiar with the matter, Avara founder and CEO Stani Kulechov is seeking to raise $50 million from US venture capital firms to fund the social media platform Lens Protocol. This financing will bring the valuation of Lens Protocol to $500 million.

When asked about the token issuance of Lens Protocol, Kulechov said "it hasn't come to that yet." The main goal at the moment is the upcoming Lens Network, a local network built on the ZKsync technology stack. Four weeks ago, its competitor Farcaster raised $150 million at a valuation of $1 billion.