Phaver Secures $7M Seed Funding for Decentralized Social Platform

Published On: October 7, 2023577 words3 min readBy:

Phaver, a groundbreaking platform that bridges the gap between Web2 and Web3 social experiences, has successfully raised $7 million in a seed funding round. This decentralized social platform, which is built to support decentralized social graphs like Aave Company’s Lens Protocol and CyberConnect, as well as various on-chain assets such as NFTs, has garnered support from a diverse group of investors. These include Polygon Ventures, Nomad Capital, dao5, Symbolic Capital, Foresight Ventures, Alphanonce,, London Real Ventures, Superhero Capital and many more.

In a unique move, SwissBorg, one of the investors, shared their allocation with community members, enabling thousands of users to secure a small stake in the round. The public allocation was snapped up in just 8 seconds, demonstrating the high demand for participation in this innovative venture.

Phaver’s mobile app was first introduced in May 2022 during the mainnet launch of Lens. The app is designed to facilitate a seamless transition for users from Web2 to Web3. It allows users to sign up using familiar Web2 logins without the need for a crypto wallet. Users can connect their on-chain Lens profile or display their NFT collection through the app. So far, the Phaver app has seen over 250,000 downloads and boasts an active community that contributes over 50,000 posts daily. This makes it one of the most lively applications in the Web3 domain.

Decentralized social protocols like Lens allow users to create non-custodial social media profiles that they fully own. Unlike traditional Web2 social platforms where data is confined within a single app, Lens profiles are immutable and cannot be removed or deleted. This provides users with a permanent blockchain-based backup of their social graph that can be utilized across multiple apps.

Phaver, being the first native mobile app on Lens, provides a familiar interface and features that ease users into the world of Web3 social. It has quickly become the largest Lens mobile app, attracting a large user base that is eagerly waiting for their Lens social profile NFT.

Shortly after its launch, Phaver Cred, the platform’s reputation system, saw users linking over 75,000 wallets with a stored value exceeding $50 million. Phaver employs a unique approach to content curation, leveraging incentivized contributions, gamified rewards, and reputation-based mechanics to deliver relevant content to each user. As users build their credibility on the platform, they become eligible for more benefits, including the ability to convert earned points into the platform’s native tokens following its Token Generation Event.

The founder of Aave Companies and Lens Protocol, Stani Kulechov, expressed his excitement about the partnership with Phaver and the selected group of investors. He emphasized the transformative potential of Web3 technologies in creating a more meritocratic internet where users own their digital assets and online social life.

In line with Phaver’s ethos of ethical and user-centric development, SwissBorg offered members of its and Phaver’s community the chance to participate in the private round at investor valuations. This community private sale was 10x oversubscribed within 8 seconds, making the combined community tickets the largest individual share of the round.

Following the launch of its native token, Phaver plans to refine its in-app economy with an initial focus on crypto-natives before targeting a broader audience. As a crypto education platform, it is committed to making the transition to Web3 as smooth as possible for its users. Whether you’re looking to make a crypto investment or download a digital wallet, Phaver is set to redefine the way we interact with social platforms in the crypto space.

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