Aave developer Avara has completed a $31 million financing for the development of Lens, led by Lightspeed

According to Techcrunch, Aave protocol developer Avara has announced the completion of a $31 million financing round led by Lightspeed Faction. Alchemy, Avail, Circle, Consensys, DFG, Fabric Ventures, Foresight Ventures, Stellarcore, Superscript, Re7 and Wintermute Ventures participated in the investment. In addition to these investors were angel investors including Anurag Arjun,Anton Bukov,Rune Christensen,Alex Gluchowski,Aleksander Leonard Larsen ,Loi Luu ,Spencer Noon and Duncan Robinson. With Lens,Avara is building a decentralized protocol that provides infrastructure for social and consumer applications.

The news of this funding round comes just weeks after Lens announced its new upgraded version,Lens v3.The original Lens v3 was built on top of the Polygon blockchain,and consumer applications using Lens v2 include NFT creation and sharing application Zora,Twitter-like platform Hey and Kaira,and community-focused application Orb.With Lens v3,the company is addressing one of the biggest issues in web3 social experiments - transaction costs.