The Grape protocol attracted $1 200 000 financing – Bits Media

Grape Network attracted new investments to expand the team. Last week, the sale of Grape tokens caused an overload of the Solana blockchain.

Grape Network, Solana based protocol, provides tools for decentralized autonomous organizations (DAO), which help them manage their communities more effectively. Grape collected $1 200 000 as part of the seed funding round.

The round was led by Multicoin Capital with participation from SkyVision Capital, Definitive Capital, LongHash Ventures, Double Peak Group и Solana Capital. At IDO, the blockchain project made its first public debut on the DEX to raise funds from retail investors. Grape's seed funding round was raised through a token sale.

“The demand for our toolkit has exceeded all expectations, and we need to double the size of the team, to meet demand and continue to develop in accordance with our roadmap", 

- Dean Pappas said (Your Dad), co-founder of Grape.

Tool
Grape Access, allows the DAO to grant exclusive access to community members based on their wallet balances. This is achieved by connecting social media accounts to their cryptographic keys.

“Using Grape Access and our work module, DAOs can define real participants and delegate responsibilities to achieve organizational goals.”, - Pappas said.

The Grape protocol is currently focused only on serving the Solana ecosystem. Grape is working on releasing more tools for DAOs, including "payment system within DAO".

Recall, last week IDO caused a shutdown of Solana due to the large number of participants and bots. The production of blocks stopped on the main network - the flow of “garbage” transactions made the blockchain inoperable for 19 hours. According to the company, it was a DoS attack. At that moment the blockchain was trying to process 400 000 transactions per second.