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Kyve said that a major part of its funding will be allocated to the expansion of its Web3 data lake. Kyve will also focus on unique use cases and integrations L1 and L2 projects.
On Thursday, June 30, Kyve Network, the decentralized data storage solution secured $9 million in funds in its third financial round. Kyve Network said that funds will help in supporting its upcoming mainnet launch along with the ongoing expansion of its Web3 data lake.
Key market players such as Distributed Global, IOSG Ventures, Wicklow Capital, Huobi Incubator, Anagram, Cerulean Ventures and MEXC participated in the funding. After the latest fundraising, Kyve’s valuations stood at a staggering $100 million.
The Kyve Network operates as a decentralized autonomous organization (DAO). It allows providers to standardize, validate, and permanently store blockchain data streams. Besides, Kyve’s decentralized data storage solution also helps in reducing dependency on centralized servers for Web 3 companies. Speaking of the development, Fabian Riewe, co-founder of KYVE said:
“Decentralized and validated data archiving is the cornerstone of a successful Web3 product because it allows it to scale. The framework KYVE is building across chains allows developers to collect and categorize data from a truly decentralized environment. Instead of relying on centralized snapshots, KYVE Network is powered by decentralized uploaders and validators, therefore respecting the original Web3 ethos.”
Kyve Network’s Exponential Growth
Since a year of its inception, the Kyve Network has witnessed exponential growth. Currently, the Kyve Network has 950 active nodes of which 850 are protocol nodes and 100 are chain nodes.
Over the last year, the Kyve Network has hosted more than 23.7M on-chain events and 182,000 bundles of data created. Besides, the Kyve community has also grown to over 130,000 members across our media channels. Herve Bizira, Partner at Distributed Global said:
“We are very excited to lead the KYVE round. We believe KYVE will be an essential building block of the crypto industry by providing an ever-growing library of decentralized, cross-chain, and trusted data feeds that any dApp can leverage. By leveraging KYVE and skipping the time-consuming process of building their own data management infrastructure, companies will be able to build and iterate at a pace never before seen”.
Kyve is working towards allowing developers and projects to scale without data restraints. For this, it will leverage its protocol archiving valid and reliable data. As said, Kyve shall be allocating a major part of its fundraise to KYVE’s Web3 data lake.
Besides, Kyve will also focus on unique use cases and integrations L1 and L2 projects.