High-Speed Internet Provider Andrena Raises $18M to Pioneer Solana-Based DePIN Network
Series A extension round led by Dragonfly Capital brings Andrena's total funding to $38M, fueling the expansion of affordable high-speed internet access.
- Author: Sheldon Cooper
- Published: August 7, 2024 at 13:09
- Updated: August 7, 2024 at 13:10
High-speed internet provider Andrena, through its decentralized wireless network project DAWN, has successfully raised an $18 million Series A extension round led by Dragonfly Capital. This latest investment brings Andrena's total funding to $38 million.
The round saw participation from prominent investors, including 6th Man Ventures, Wintermute, ParaFi Capital, Robot Ventures, and EV3 Ventures, among others.
Andrena's unique approach involves deploying wireless networks on rooftops and partnering with real estate owners to efficiently reach underserved urban areas. This model not only addresses the digital divide but also positions the company at the forefront of the Decentralized Physical Infrastructure Network (DePIN) movement.
The company's ambitious DAWN project leverages the Solana blockchain, known for its speed and scalability, to create a decentralized wireless network. DAWN aims to revolutionize internet access by enabling users to share their excess bandwidth with their neighbors, creating a community-owned and operated network. Users who contribute to the network are rewarded with tokens, fostering a self-sustaining ecosystem.
The decentralized nature of DAWN promotes a trustless system of exchange, with blockchain technology providing a transparent and verifiable record of transactions. Additionally, the project employs a "proof of backhaul" mechanism, which measures the throughput capacity at each node, ensuring network reliability.
Andrena's decision to launch on Solana reflects the broader trend in the DePIN sector. Solana blockchain, renowned for its speed and efficiency, offers an ideal platform for decentralized infrastructure projects like DAWN. This is evident in the migration of Render, the largest DePIN protocol by market cap, to Solana.
The Solana DePIN ecosystem has witnessed significant growth this year, with a total market cap reaching $3.2 billion. This surge underscores the potential of Solana to drive innovation and adoption in the DePIN space.