Seed funding for FARE Protocol was spearheaded by Goat Capital, the firm managed by Twitch founder Justin Kan, and C Squared Ventures. Fundraising precedes the introduction of the ecosystem and native tokens on the Ethereum layer 2 blockchains for Arbitrum later this year.
Arbitrum was recently at the center of one of the most-hyped events in recent memory: the long-awaited airdrop of its ARB token to early developers, users, and investors.
C Squared Ventures and Justin Kan’s Goat Capital spearheaded the funding.
Controversy surrounded the event because the Arbitrum DAO transferred nearly $1 billion worth of tokens to the Arbitrum Foundation before a referendum on how to use the funds had concluded.
The FARE ecosystem is composed of probability smart contracts that are activated by transparent on-chain events based on probability variables.
The initial use case for contracts is the random minting and burning (or “winning” and “losing”) of FAREtokens. Similar to how a real-world casino operates, the system is designed so that the probability of losing or destroying a token is greater than the probability of minting or gaining. Instead of a centralized “house” receiving the profits, the ecosystem receives the accumulated FARE tokens.
6th Man Ventures, Republic Crypto, Arrington Capital, Eniac Ventures, Spark Digital Capital, Morningstar Ventures, Quantstamp, and DWeb3 were among the other investors in the round.