Memecoin Mania Meets Social Media: BONSAI Blooms On Lens Protocol With $1M Raise

MadFi, the team behind the memecoin BONSAI BONSAI/USD, has closed a $1 million angel round to fuel the growth of their social currency on the Lens Protocol.

BONSAI has become the de facto currency on Lens, a decentralized social media platform, highlighting the potential of meme coins to incentivize user engagement and build vibrant online communities.

From Airdrop To A Million Bucks: The Rise Of BONSAI

Launched in March 2024, BONSAI was airdropped to active Lens profiles, sparking rapid adoption.

The meme coin became the preferred method for creators to monetize content and for users to reward engagement.

This organic growth has propelled BONSAI to a valuation of nearly $100 million, according to CoinGecko.

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The Angel Investors Behind The Memecoin

The angel round was led by crypto investment firms including Palm Tree Crew Crypto, Avara Ventures, and Social Graph Ventures.

Participation from notable figures like Robert Leshner, the founder of Compound and Sandeep Nailwal, co-founder of Polygon MATIC/USD underscores the investor confidence in $BONSAI’s potential to revolutionize social media monetization.

“BONSAI’s integration with the Lens community is impressive,” said Brett Shear of PTC Crypto. “We’re excited to see the community adopting BONSAI for user acquisition and engagement across the diverse application ecosystem.”

Building A Creator Economy On Lens

Carlos Beltran, Co-founder and CEO of MadFi, believes that tokens like BONSAI can create a win-win scenario for platforms, creators, and users. “By rewarding content and engagement, BONSAI has effortlessly become an integral part of Lens, encouraging monetization experimentation,” said Beltran.

The Future Of BONSAI: Open Actions And Beyond

MadFi plans to leverage the $1 million raised to develop “Open Actions” – functionalities that enable creators to offer unique experiences like renting ad space on their posts or rewarding user engagement with BONSAI.

This focus on utility positions $BONSAI as a key driver of the creator economy on Lens.

The rapid evolution of social media and cryptocurrencies necessitates staying informed about the latest trends.

Benzinga’s upcoming Future of Digital Assets conference on Nov. 19 provides a valuable platform to explore the intersection of these two dynamic fields.

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