DePIN Project Andrena Bags $18M for Decentralized Internet Services
Solana-based decentralized physical infrastructure network (DePIN) project Andrena has raised $18 million in a funding round to develop a protocol for decentralized broadband.
For context, DePIN means decentralized physical infrastructure network. It refers to the use of blockchain technology and crypto incentives to efficiently coordinate the buildout and operation of physical and digital infrastructure.
Building Decentralized Internet Services
The investment round for the protocol, known as DAWN (decentralized autonomous wireless network) was structured as a simple agreement for future equity (SAFE) with token warrants.
The investment was led by Dragonfly, with participation from CMT Digital, Castle Island Ventures, Wintermute Ventures, 6th Man Ventures, and ParaFi. The latest fundraising brings the total raised to $38 million, following a $15 million Series A round announced last year, in which Dragonfly was also the lead investor.
We’re thrilled to announce our $18M raise led by @dragonfly_xyz!
Thank you to our investors @6thManVentures, @wintermute_t @paraficapital @robotventures @EV3ventures among others. (🧵) pic.twitter.com/nosPgLtPgx
— DAWN (@dawninternet) August 7, 2024
Andrena co-founder Neil Chatterjee disclosed that the project is currently operating on a testnet and will launch on Solana.
The protocol uses a “proof of backhaul” mechanism, an on-chain verification technology that Andrena developed in partnership with Princeton University professor, Pramod Viswanath to facilitate node connection to the broader internet.
“DAWN has been in the works since the fall of last year. DAWN aims to do to the internet what solar panels did to electricity. The same way consumers own and generate their own utility and sell their excess back to the grid, there is now an opportunity to do the same with wireless home and business Internet,” Chatterjee said.
Rewarding Users
According to the co-founder, users will be able to purchase the native token of DAWN using a mobile app, which can then be used to purchase internet bandwidth from the community.
He explained that the mobile app will be linked to a home hardware device equipped with an antenna that will deliver and share an internet connection.
Furthermore, users will be able to earn rewards for staying connected, referring others and participating as validators. For example, each 24-hour connected period is eligible for 1,440 reward points.
Although Chatterjee declined to comment on the timelines for the mainnet and token launch, he however shared that DAWN’s wireless network is expected to cover over 3 million households in the U.S. at launch with plans to expand globally to Asia, Europe and Latin America.
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