DePIN project SendingNetwork raises $7.5 million from Balaji Srinivasan and others
Summary
SendingNetwork, a decentralized physical infrastructure network (DePIN) project focused on web3 communications, has raised $7.5 million in a seed extension funding round.Several investors joined the round, including Nomad Capital, Symbolic Capital, Web3.com Ventures, Galxe, SWC Global, Balaji Srinivasan and Yield Guild Games co-founder Gabby Dizon, SendingNetwork said Tuesday.The round was structured as a simple agreement for future equity (SAFE) and closed last October, Mason Yang, co-founder of SendingNetwork, told The Block. "As we rebuild the TCP/IP stack, integrating it with application layer protocols like XMPP/SMTP/HTTP/FTP but starting from web3 XMPP [extensible messaging and presence protocol], this opens up numerous possibilities, including enhanced streaming, improved CDN [content delivery network] performance, and faster decentralized storage retrieval," Yang said.In all, SendingNetwork aims to deliver a communication experience thats more efficient, secure and flexible for both developers and users. However, user outcry led to Dolphins reinstatement, Yang said, adding that this experience taught him how important community support is and strengthened his belief in web3s decentralization promise.SendingNetwork is being built on Linea, Consensys Ethereum Layer 2 blockchain, but it will technically support all Ethereum virtual machine-compatible chains, Yang said.SendingNetwork is also building SendingMe, a decentralized application that will combine chatting, socializing and trading, giving users complete control over their social layer, Yang said.SendingNetwork is expected to launch several testnets this year and mainnet in the first quarter of 2025.There are currently over 30 people working for SendingNetwork, and it looks to expand the team by hiring more developers, Yang said.The web3 communications vertical is still in its "very early stages," Yang said, adding that it doesnt consider its competitors as rivals but "only friends or allies" and that one such ally is XMTP Labs, which is building a decentralized communication protocol.SendingNetworks real competitors are "the giants of web2, who control massive user bases, data, computing power, and capital. We are just taking our first steps to shake them up," Yang said.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry.