Sui Network’s Releap Protocol Bags $2.1M Funding, Backed by Sui Foundation & GBV Capital Among Others

In a significant development, Sui Network’s innovative social graph protocol, Releap, has successfully secured $2.1 million in a recent funding round. The round saw participation from prominent investors, including the Sui Foundation and GBV Capital, among others. This investment is crucial for Releap Protocol to expand operations, attract more users and developers, and drive the next wave of digital innovation. 

Releap Protocol Gets A Major Boost 

In an exciting development, Releap Protocol, a leading social graph in the Web3 space, has successfully secured $2.1 million in a recent funding round.

We're thrilled to announce the $2.1 million funding round for Web3's most scalable social graph

Releap Protocol's scalable architecture is designed to power the upcoming wave of social apps and onboard the next billion users on to decentralized social $SUI @SuiNetwork pic.twitter.com/Nwm5cjgvgU

— Releap Protocol (@Releap_IO) July 25, 2023

Designed with a scalable architecture, Releap Protocol is poised to fuel the next generation of social applications and bring a billion more users into the sector of decentralized social networking.

The funding round saw participation from over 30 distinguished venture capital firms and angel investors. Notable contributors include Sui Foundation, GBV Capital, Big Brain Holdings, Shima Capital, and Arweave Foundation. Other significant investors include Assembly Partners, DWeb3 Capital, Impossible Finance, Solar Eco Fund, MoveBit, and many more.

In the midst of its beta phase, Releap Protocol has successfully initiated a social finance-oriented ecosystem that promotes expansion for both developers and users.

The robust architecture of Releap empowers developers to thrive, enabling them to construct and innovate unique social experiences. This marks a significant milestone in the Web3 social revolution, with Releap Protocol at the forefront, challenging the data dominance of Big Tech.

Releap Protocol’s approach allows users to regain control over their personal data and safeguard humanity’s most crucial information. This development signifies a pivotal shift in the digital landscape, setting the stage for a more user-centric and equitable future.

With the latest fund, Releap can scale up the platform to handle more users, improve the platform’s features and functionality, and expand into new markets. Further, Releap can expand its user base through marketing and promotional activities to raise awareness of the platform and its benefits. 

Releap Opens Multiple Offerings For Users 

Releap, a decentralized social graph on the Sui blockchain, is designed to empower creators by allowing them to maintain ownership of their audience connections. Through user-owned, fully customizable social graphs, Releap enables creators to have full control over their content and social relationships.

Tokenization, particularly through non-fungible tokens (NFTs), is a key feature of the Releap Protocol. Releap employs OriginByte standard-compliant NFTs, ensuring full composability. The Releap Hub serves as the central interaction point within the protocol, with profile NFTs generated when users create a profile. 

Furthermore, each post and comment can be converted into distinct NFTs, introducing innovative monetization methods, rewarding users, and guaranteeing permanence on the Sui network.

Releap Protocol is not just a social graph but a community-led project that continually evolves via governance. Its modular nature supports a broad spectrum of use cases and offers users unprecedented customization and ownership of their social graphs. While Releap is currently in its beta phase, it will soon be accessible to everyone, bringing decentralized social networking to a wider audience.

Investments in Web3 social graphs can drive innovation. With sufficient funding, these platforms can invest in research and development, exploring new ways to leverage blockchain technology to improve social networking.

As the Releap Protocol continues to develop and grow, it will be interesting to watch how it shapes the future of social networking. With the backing of the Sui Foundation and GBV Capital, the project is well-positioned to make significant milestones in the blockchain industry.