Fast take:
The corporate plans to make use of the funds to speed up the event of its Solana-based DePIN for decentralised web providers.
Andrena is constructing a DAWN (decentralised autonomous wi-fi community) that permits customers to promote extra web to a community of suppliers.
DAWN leverages a “proof of backhaul” mechanism, a verification expertise that Andrena developed in partnership with Princeton College professor, Pramod Viswanath to facilitate node connection to the broader web.
Andrena, a Solana-based DePIN undertaking has raised $18 million in an prolonged Collection A spherical led by Dragonfly and with participation from CMT Digital, Fort Island Ventures, Wintermute Ventures, sixth Man Ventures and ParaFi.
The fundraising brings the entire raised to $38 million, following a $15 million Collection A spherical introduced final yr, by which Dragonfly was additionally the lead investor, The Block reported.
Based on Andrena co-founder Neil Chatterjee, the newest funding was structured as a easy settlement for future fairness (SAFE) with token warrants. Chatterjee mentioned the spherical was “considerably oversubscribed” having initially deliberate for a $5 million extension because it prepares Andrena properly for its token era occasion (TGE).
Andrena is constructing a DAWN (decentralised autonomous wi-fi community) that permits customers to promote extra web to a community of suppliers. The undertaking is presently in testnet, with no outlined timeframe for a mainnet launch.
The protocol makes use of a “proof of backhaul” mechanism, an on-chain verification expertise that Andrena developed in partnership with Princeton College professor, Pramod Viswanath to facilitate node connection to the broader web.
“DAWN has been within the works for the reason that fall of final yr,” Chatterjee mentioned. “DAWN goals to do to the web what photo voltaic panels did to electrical energy. The identical method shoppers personal and generate their very own utility and promote their extra again to the grid, there’s now a chance to do the identical with wi-fi dwelling and enterprise Web.”
Andrena’s web providers are already obtainable throughout 10 U.S. states together with New York, New Jersey, Texas, Tennessee, Florida and Pennsylvania. And like photo voltaic panels, its wi-fi gear is put in on rooftops of consumers’ homes. It now plans emigrate its prospects and income on-chain as soon as the token is launched.
Customers will have the ability to buy the native token of DAWN utilizing a cell app. They will then use the token to purchase web bandwidth from the community.
Based on Chatterjee, customers will have the ability to earn rewards for staying related, referring others and taking part as validators.
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