- Funding round raises $2M to expand Aura.
- Enhances Web3 reputation and engagement.
- Aura targets Ethereum ecosystem and broader Web3.
Shards Protocol has successfully raised $2 million in a funding round to expand Aura, a reputation layer for Web3, focusing on enhancing user trust and engagement.
This funding is significant due to its potential to improve on-chain reputation, directly impacting Ethereum and connected protocols. Immediate reactions show a positive shift in user and investor trust.
Shards Protocol, initially launched as Shards.Tech, originated with a focus on developing an SDK for improving Web3 game experiences. The transition to a marketplace for fractional interests in gaming projects led to Aura’s creation. Stefano D’Silva, CEO and Co-founder, emphasized the need for transparent on-chain recognition.
“The company onboarded over 1 million users across all products and generated $1M+ trading volume, but we quickly realised that web3 needed more. That is why we introduced flagship product Aura, a recognition layer that transforms your on-chain contributions into reputation and rewards.” – Stefano D’Silva, CEO and Co-Founder, Shards Protocol
The company onboarded a significant user base across its products, generating substantial trading volume. Funding was directed primarily at furthering the development and integration of Aura. The main goal is to formally launch a new token, expanding the product offering in 2025.
With many platforms operating on Ethereum, increased integration of Aura impacts various sectors. Key players in the funding include Animoca Brands and Kyber Ventures. The backing of these names highlights strong institutional interest. No official data on total value locked has been released. However, Aura aims to revolutionize on-chain transactions and reputations in the coming years.
The expansion of Aura provides fresh potential for developing new governance models. Drawing on historical precedents like Gitcoin Passport, it could influence token landscapes significantly. The market is awaiting new metrics and data to validate its performance.
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