Home
News
- Grape Network, the business whose token sale made headlines last week, has collected a total of $1.8 million from VC firms and the now-famous $GRAPE offering
- Since a Solana hackathon in May, his company has been developing tools to assist non-fungible token (NFT) holders establish their JPEG credentials
- Pappas told that he was unconcerned about the fiasco. For starters, he anticipated a brisk public sale
Grape Network, the business whose token sale made headlines last week, has collected a total of $1.8 million from VC firms and the now-famous $GRAPE offering. On Thursday, the creator of a community toolkit closed a $1.2 million round sponsored by Multicoin Capital. The venture investment follows a $600,000 public sale last week that was so overrun with bots that it took host blockchain, Solana, down for nearly a full day. In an interview, Grape Network creator and major contributor Dean Pappas said, They didn’t damage it on purpose. However, they were a part of the problem.
Since a Solana hackathon in May, his company has been developing tools to assist non-fungible token (NFT) holders establish their JPEG credentials. Grape is now used by top Solana projects such as Degenerate Ape Academy and Saber, among others, which may explain the buzz around its token offering. Grape’s ability to break the blockchain with the highest-claimed transaction capacity of any significant project prompted severe concerns about Solana’s tech stack. The project’s leaders intend to release a complete report in the coming weeks, but preliminary findings from the Solana Foundation point to the $GRAPE IDO, or initial decentralized exchange (DEX), as the main culprit.
Pappas told that he was unconcerned about the fiasco. For starters, he anticipated a brisk public sale. For a transaction capped at $600,000, potential $GRAPE purchasers have shown an interest of $8.7 million. And grabbing IDOs on Solana’s Raydium platform has been a profitable move recently, according to Pappas. He remarked, The last IDO before $GRAPE went up who knows how much. Everyone expected this to be a big hit, therefore these bots were programmed to make 400,000 transactions per second while assaulting the Serum market. Their automated assault was too much for Solana, which remained offline for 17 hours, putting the Grape team’s plans to employ $GRAPE, a token that grants holders access to the project’s Discord channel, on hold. According to Pappas, Solana was set right by morning.
In addition to Multicoin, crypto venture firms SkyVision, Definitive, LongHash, Double Peak Group, and Solana Capital took part in the $1.2 million private token sales, with the profits going toward expanding the team. That’s all going to be for team expansion, Pappas said of the funds, emphasizing the need for engineers in particular. Grape plans at least three future technologies to allow crypto-based groups from decentralized autonomous organizations (DAOs) to non-profit organizations (NFOs) to integrate their members’ JPEG personalities with online communications hubs like Discord, according to him. It’s nothing new in crypto to build a metaverse-meatspace verification bridge. On Ethereum, a few projects, such as Collab Land, are in development.
Grape, on the other hand, is the largest on Solana, which Pappas claims is a better blockchain for DAOs since it has fewer costs. Grape will implement a non-custodial tipping functionality in two months, allowing community members to pay each other without leaving the DAO. Pappas believes that little elements like these are critical in developing crypto-infused online communities. Grape’s major purpose right now is to ensure that Discord degens own the apes they claim to possess. The five-year goal, according to Pappas, is considerably more grandiose, transforming Grape into a community-building toolbox capable of supporting the backbone of any enterprise, all the way up to a government.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
