Grape Network, the business whose token sale made headlines last week, has earned a total of $1.8 million from VC firms and the now-famous $GRAPE offering.
On Thursday, the developer of a community toolkit closed a $1.2 million round headed by Multicoin Capital. The venture funding follows a $600,000 public sale last week that was so overrun with bots that it took host blockchain, Solana, offline for nearly a full day.
Since a Solana hackathon in May, his company has been developing tools to enable non-fungible token (NFT) holders to validate their JPEG credentials. Grape is now used by top Solana projects such as Degenerate Ape Academy and Saber, among others, which may explain the buzz surrounding its token offering.
Grapes of Wrath
Grape’s ability to break the blockchain with the highest-claimed transaction capacity of any major project generated severe concerns about Solana’s tech stack. The project’s leaders aim to release a detailed report in the coming weeks, but preliminary findings from the Solana Foundation point to the $GRAPE IDO, or initial decentralized exchange (DEX), as the main culprit.
In addition to Multicoin, crypto venture firms SkyVision, Definitive, LongHash, Double Peak Group, and Solana Capital took part in the $1.2 million private token sales, with the funds going toward expanding the team.
It’s nothing new in crypto to build a metaverse-meatspace verification bridge. On Ethereum, a few projects, such as Collab Land, are in development. Grape, on the other hand, is the largest on Solana, which Pappas claims is a better blockchain for DAOs since it has fewer fees.
Grape will deploy a non-custodial tipping feature in two months, allowing community members to pay each other without leaving the DAO. Pappas believes that small elements like this are critical in developing crypto-infused online communities.