The blockchain startup MadFi successfully raised a $1 million funding round from the funders for the BONSAI token, a memecoin functioning on the Lens protocol. On April 5, this additional investment raised BONSAI’s fully diluted total market cap to nearly $100 million.
The funding round was supported by a number of crypto and venture capitalists, including Palm Tree Crew (PTC) Crypto, Avara Ventures and Social Graph Ventures. Besides these, other main investors were Refraction, Boys Club Inc., Fire Eyes, Robert Leshner, Spencer Noon, and Sandeep Nailwal Polygon, co-founder.
Brett Shear from the PTC Crypto firm praised the BONSAI Portal for its considerable accomplishments, including the delivery of over 80% of the paid mounts on the Lens Protocol. However, BONSAI is one of the central actors in user acquisition and engagement in all applications linked to this platform.
Carlos Beltran, co-founder and CEO of MadFi, echoed his intention to mold BONSAI as a default currency built on Lens. BONSAI will provide a reward system for content creators and individual engagement.
Also read: Memecoins Surge: 1,312.6% Growth in Q1 2024
