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Insider: Lens Protocol seeks to raise $50 million at a $500 million valuation

On June 18th, informed sources revealed that Stani Kulechov, the founder and CEO of Avara, is in contact with US venture capital firms to seek $50 million in financing for Lens Protocol. This financing will bring its valuation to $500 million. Avara's spokesperson did not confirm or deny this information and declined to comment further. When asked about the issuance of coins, Kulechov said "we haven't gotten to that point yet." The main goal at present is the upcoming launch of Lens Network, a native network built on the ZKsync technology stack. In 2023, Lens Protocol raised $15 million in financing, while its competitor Farcaster raised $150 million in financing with a valuation of $1 billion four weeks ago.

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