Grape Network attracted new investments to expand the team. This was a consequence of the events of last week, when the sale of Grape tokens provoked a DoS attack on Solana.
The Grape Network, based on the Solana protocol, provides tools for Decentralized Autonomous Organizations (DAOs) to help them manage their communities more effectively. Grape raised $ 1,200,000 in an initial round of funding.
The round was led by Multicoin Capital with the participation of SkyVision Capital, Definitive Capital, LongHash Ventures, Double Peak Group and Solana Capital. At IDO, the blockchain project made its first public debut on DEX to raise funds from retail investors. The Grape seed funding round was generated through a token sale.
“The demand for our toolbox has exceeded all expectations and we need to double the size of our team to meet demand and continue to evolve in line with our roadmap.”
Said Din Pappas, co-founder of Grape.
Tool
Grape Access, allows the DAO to provide exclusive access to community members based on their wallet balance. This is accomplished by connecting social media accounts to their cryptographic keys.
“With Grape Access and our workbench, DAOs can identify real actors and delegate responsibilities to achieve organizational goals,” Pappas said.
The Grape protocol is currently focused only on serving the Solana ecosystem. Grape is working on releasing more tools for the DAO, including the “within-DAO payment system”.
As a reminder, last week IDO caused Solana to shutdown due to the large number of participants and bots. The production of blocks in the main network stopped – a stream of “junk” transactions made the blockchain inoperative for 19 hours. According to the company, it was a DoS attack. At that moment, the blockchain was trying to process 400,000 transactions per second.
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