- Shards Protocol raises $2M for Aura expansion.
- Development to boost Web3 reputation platform.
- Major investors include Animoca and Kyber Ventures.
This funding marks a pivotal move for Shards Protocol by strengthening its capabilities in transforming on-chain contributions into reputation. The action reinforces the need for decentralized user reputation systems. The investment primarily focuses on developing the Aura protocol, a Web3 reputation layer aimed at rewarding on-chain contributions. Key investors include Animoca Brands and Yield Guild Games, highlighting strong institutional interest.
“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
Although the funding event doesn’t reflect immediate on-chain impacts, it suggests future connectivity to assets like ETH and MATIC due to investor ties. Market speculations focus on potential integrations within prominent blockchain ecosystems. Data from past reputation layer projects, such as Proof of Humanity, suggest long-term ecosystem growth and integration possibilities. The successful funding round hints at further Aura innovations and potential token launches.
Future developments could see broader deployment across DeFi and gaming sectors, affirming Shards Protocol’s commitment to enhancing decentralized ecosystems through cutting-edge solutions like Aura. The investor lineup promises potential expansions.
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