Lava Network Launches Mainnet and Initiates Token Airdrop

Blockchain startup Lava Network has commenced the phased launch of its mainnet and the airdrop of 55 million LAVA tokens to 70,000 users.

Introducing Lava Public Mainnet.

This is a radical new approach to launching a blockchain in the modular era.

— Market-derived FDV
— Focused airdrop to 70k users
— Dex-first on Uniswap v3, Arbitrum (LIVE NOW)

Eruption.https://t.co/8bxbUvXXTp pic.twitter.com/CESxFeWIwd

— Lava Network ? (@lavanetxyz) July 30, 2024

As an appchain based on the Cosmos SDK, Lava provides a modular and decentralized data access layer through remote procedure calls (RPC).

Node operators are incentivized to connect to Lava and provide RPC services through rewards. These are determined based on the number of users served and quality metrics such as speed, uptime, and accuracy.

According to the statement, 0.46% of the total LAVA supply was allocated for incentives in the test network. Among the RPC users is Google Cloud, which processed approximately one million requests.

The team noted that the project’s airdrop tokenomics immediately envisage a large portion of the LAVA supply in circulation with a limited supply thereafter. The coin’s listing is primarily targeted at DEXs, with Uniswap being the first.

According to the developers, most token distributions involve a limited market supply with an initially artificially high fully diluted valuation (FDV) and subsequent inflation due to unlocks.

Lava considers its approach more decentralized, prioritizing “community and sustainability over just venture capital.”

Back in February 2024, the project closed a seed funding round raising $15 million led by HashKey Capital, Tribe Capital, and Jump Capital. In May, the Lava Foundation additionally raised $11 million in investments.