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Cryptocurrency News Articles

BONSAI Memecoin Rockets Past $1M in Angel Funding to Fuel Lens Social Currency

Apr 06, 2024 at 02:52 am

MadFi, the team behind the successful memecoin BONSAI, has secured $1 million in an angel round to further develop their social currency on the Lens Protocol. BONSAI, the unofficial currency of the decentralized social media platform Lens, demonstrates the potential of meme coins to foster user engagement and build thriving online communities. The investment round was led by prominent crypto investment firms and notable figures, reflecting confidence in BONSAI's ability to revolutionize social media monetization.

BONSAI Memecoin Rockets Past $1M in Angel Funding to Fuel Lens Social Currency

MadFi's BONSAI Memecoin Soars, Securing $1 Million in Angel Funding to Empower Lens Social Currency

In a transformative move, MadFi, the innovative team behind the groundbreaking memecoin BONSAI, has secured a substantial $1 million angel investment round. This strategic funding will fuel the exponential growth of BONSAI, the de facto currency on Lens, a decentralized social media platform. The investment underscores the remarkable potential of meme coins to ignite user engagement and foster thriving online communities.

From Airdrop to a Million-Dollar Phenomenon: The Rise of BONSAI

Launched in March 2024, BONSAI was airdropped to active Lens profiles, triggering a surge in adoption. The meme coin rapidly became the preferred currency for content creators seeking to monetize their content, while users embraced it as a means to reward valuable engagement. This organic growth has propelled BONSAI to an impressive valuation of nearly $100 million, as reported by CoinGecko.

A Stellar Lineup of Angel Investors

The angel investment round was spearheaded by leading crypto investment firms, including Palm Tree Crew Crypto, Avara Ventures, and Social Graph Ventures. The participation of prominent figures such as Robert Leshner, founder of Compound, and Sandeep Nailwal, co-founder of Polygon, further underscores the investor confidence in BONSAI's potential to revolutionize social media monetization.

"BONSAI's seamless integration with the Lens community is truly remarkable," enthused Brett Shear of PTC Crypto. "We are thrilled to witness the community's enthusiastic adoption of BONSAI, driving user acquisition and engagement across the diverse application ecosystem."

Building a Thriving Creator Economy on Lens

Carlos Beltran, Co-founder and CEO of MadFi, believes that tokens like BONSAI can create a mutually beneficial environment for platforms, creators, and users. "By incentivizing content and engagement, BONSAI has effortlessly become an integral part of Lens, fostering experimentation in monetization," Beltran remarked.

The Future of BONSAI: Open Actions and Beyond

MadFi plans to strategically utilize the $1 million raised to develop "Open Actions" – a groundbreaking suite of functionalities that will empower creators to offer exclusive experiences. These experiences may include renting ad space on their posts or rewarding user engagement with BONSAI, further positioning the memecoin as a central driving force of the creator economy on Lens.

Stay Informed on the Dynamic Interplay of Social Media and Cryptocurrencies

As social media and cryptocurrencies continue to rapidly evolve, staying abreast of the latest developments is crucial. Benzinga's upcoming Future of Digital Assets conference on November 19th presents an exceptional opportunity to delve into the fascinating intersection of these two dynamic fields.

Stay connected with Benzinga for the latest insights and updates on the ever-changing digital asset landscape.

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Other articles published on Nov 19, 2024