Goat Capital, the company managed by Twitch founder Justin Kan, and C Squared Ventures led the charge in FARE Protocol’s seed funding round, which resulted in the company raising $6.2 million.
The token sale is taking place in preparation for the launch of the Arbitrum ecosystem and native token on the Ethereum layer 2 networks later this year.
Arbitrum was recently at the epicenter of one of the most-hyped events in recent memory. This event was an airdrop of its long-awaited ARB token to early builders, users, and investors in the platform.
Controversy surrounded the event because of the Arbitrum DAO’s hasty transfer of roughly one billion ofthe tokens to the Arbitrum Foundation before a vote on how to use the cash had been completed.
Goat Capital, co-founded by Twitch founder Justin Kan, and C Squared Ventures spearheaded the funding.
The foundation of the FARE ecosystem is made up of probability smart contracts, which are activated by events that occur transparently on the chain and are determined by various probability variables.
The first use case for the contracts is the random minting and burning (also known as “winning” and “losing”) of the FARE token. This is also known as the “winning” and “losing” of the token.
In this virtual version of gambling, the odds of “burning” or “losing” a token are significantly greater than those of “minting” or “winning” it, just as in a traditional land-based casino. Instead of a centralized “house” benefiting from the earnings, the ecosystem as a whole receives a share of the FARE tokens that are collected.
6th Man Ventures, Republic Crypto, Arrington Capital, Eniac Ventures, Spark Digital Capital, Morningstar Ventures, Quantstamp, and DWeb3 were among the other investors who participated in this round.
Network Hype Team