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WiFi Provider Andrena Raises $18M to Offer Decentralized Broadband
The fundraising for the DePIN-based project – destined for launch on the Solana blockchain – was led by Dragonfly, with participation from CMT Digital, Castle Island Ventures and Wintermute Ventures
Updated Aug 7, 2024, 1:52 p.m. Published Aug 7, 2024, 12:00 p.m.
- The DePIN protocol, known as DAWN, is designed to provide homes with internet without having to rely on centralized providers.
- DAWN is currently operating in a testnet environment ahead of launching on Solana, Andrena announced via email on Wednesday.
Wireless internet provider Andrena has raised $18 million in funding to develop a protocol for decentralized broadband.
The protocol, known as DAWN, is a decentralized physical infrastructure network (DePIN), designed to provide homes with internet without having to rely on centralized providers.
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DAWN is currently operating in a testnet environment ahead of launching on Solana, Andrena announced via email on Wednesday.
DePIN refers to physical infrastructure networks built using blockchain technology and token incentives so other projects don't need to buy and run their own equipment. DePIN can be seen as a decentralized version of Amazon Web Services (AWS) or Google Cloud.
DAWN incorporates blockchain technology to build a trustless system of exchange between network participants to allow for a "proof of backhaul" - a measure of throughput capacity at each node.
The funding round – led by Dragonfly with participation from CMT Digital, Castle Island Ventures and Wintermute Ventures – is targeted toward completion of DAWN's protocol and smart contracts.
Read More: DePIN and Machine Data Can Change Web3
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