Grape Network, the startup that broke Solana, raises $ 1.8 million

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Grape Network, the project whose sale of tokens broke Solana last week, raised a total of $ 1.8 million from venture capitalists and this now infamous $ GRAPE offering.

The developer of the community toolkit closed a $ 1.2 million funding round on Thursday led by Multicoin Capital. The venture capital funding follows last week’s $ 600,000 public sale that was so overheated by robot buyers that it took blockchain host Solana offline for nearly a full day.

“We didn’t sever it out of intention,” Grape Network founder and main contributor Dean Pappas told CoinDesk in an interview. “But we were part of the reason it broke.”

His startup has created tools to help non-fungible token (NFT) holders prove their JPEG good faith since a Solana hackathon in May. Now, major Solana projects like Degen Ape Academy and Saber use Grape, among others, which perhaps explains the enthusiasm for its token sale.

Grapes of Wrath

Whether a rather niche project like Grape could break the blockchain with the most claimed transaction capability of all major projects raised serious questions for Solana’s tech stack. Project officials plan to release a full postmortem in the coming weeks, but early assessments from the Solana Foundation indicate that the $ GRAPE IDO, or the initial DEX offering, is the likely culprit.

Pappas told CoinDesk he was not at all baffled by the debacle. For starters, he knew the public sale would be hot. Potential buyers of $ GRAPE had reported $ 8.7 million in interest on a sale capped at $ 600,000. And catching IDOs on Solana’s Raydium platform have been lucrative games of late, Papas said.

“The last IDO before $ GRAPE went up, who knows how much X,” he said. “Everyone knew this was going to go very well, which is why these bots were configured to perform 400,000 transactions per second, attacking the serum market.”

Their automated tirade was too much for Solana; it was dark for 17 hours, ending Team Grape’s plans to use $ GRAPE, which owners get perks on the project’s Discord server. Solana was straightened out in the morning, Pappas said.

Construction method

Grape Network has raised $ 1.2 million from crypto-venture firms SkyVision, Definitive, LongHash, Double Peak Group and Solana Capital as part of the Multicoin-led private token sale, bringing its total funding to date to $ 1.8 million.

“That will be all for the expansion of the team,” Pappas said of the money, stressing a particular need for engineers.

He said Grape has planned at least three “future tools” that will help crypto-based communities – from Decentralized Autonomous Organizations (DAOs) to NFT clubs – connect their members’ JPEG personalities with Internet mail hubs, such as Discord.

“The way our system works is that it validates that this person talking to you on this Discord has this NFT,” Pappas said of Grape Access, the flagship product that’s already live.

Degen Community

Building a metaverse-meatspace verification bridge is nothing new to crypto. A handful of projects like Collab Land are at work on Ethereum. But Pappas said Grape is the biggest to date on Solana, which he says is a preferable blockchain for DAOs because he said his fees were lower.

Grape is two months away from launching a non-custodial tip feature that will allow community members to pay each other without leaving DAO. Small features like this are essential for building encrypted online communities, Pappas said.

Right now, Grape’s main use is making sure the degens of Discord own the monkeys they claim to own. Pappas said the five-year plan is much more “grandiose” – turning Grape into a community builder’s toolkit that can support the backbone of any project, “down to a government.”

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