PANews reported on December 18 that according to Techcrunch, Aave protocol developer Avara announced the completion of a $31 million round of financing led by Lightspeed Faction. Alchemy, Avail, Circle, Consensys, DFG, Fabric Ventures, Foresight Ventures, Stellarcore, Superscript, Re7 and Wintermute Ventures participated in the investment. In addition, angel investors participating in this round of investment include Anurag Arjun, Anton Bukov, Rune Christensen, Alex Gluchowski, Aleksander Leonard Larsen, Loi Luu, Spencer Noon and Duncan Robinson. With Lens, Avara is building a decentralized protocol that provides infrastructure for social and consumer applications.

The news of this round of funding comes a few weeks after Lens announced a new upgraded version of its protocol, Lens v3. Originally built on the Polygon blockchain, Lens v3 uses consumer applications such as NFT creation and sharing application Zora, Twitter-like platforms Hey and Kaira, and sub-community-focused application Orb. With Lens v3, the company is solving one of the biggest problems in web3 social experiments - transaction costs.