H2O protocol has announced the completion of its strategic funding round led by Trent McConaghy and Bruce Pon, Ocean Protocol Co-Founders.
As per the announcement, H2O raised $1.25 million for 5% of its token supply of $PSDN governance tokens from a few notable angel investors, DAOs and VCs. Other investors who participated in the funding round included Big Brain Capital, 0xVentures, Gains Association, Next Web Capital, HG Ventures, and Small Cap Scientist.
Notably, in harmony with the project’s sensible tokenomics, all investor tokens will be subjected to a 6-month cliff with a 10% unlock at maturity. The remaining tokens will be vested linearly over 2 years.
Commenting on the funding round, Okarin, Business Lead at H2O, explained:
“For the past 5 years, I’ve been absolutely fascinated by blockchain technology and dreaming about a more important role for Data within Web3. This is why I decided to make H2O my full-time commitment and experience the excitement of our partners and strategic investors around our vision energize me and the entire team.”
The funding sets H2O in a strategic position, capitalized, and well equipped with good investor backing. These funds and the investor backing will reportedly help H2O accomplish its vision of becoming the preferred Medium of Exchange and Unit of Account for the emerging Web3 data economy. Notably, H2O seeks to become the dominant table asset in Ocean Protocols’ Data Marketplace.
The funding round comes ahead of scheduled TGE+Targeted $PSDN airdrops and LP incentives whose details will be released in the coming days. However, H2O has confirmed the launch date of the H2O Protocol which has been set for April 27, 2022.
Notably, there will be something special planned for New Order DAO, Ocean Protocol, and Reflexer community members at launch. Following the launch, $OCEAN holders will be able to deposit their tokens to mint $H2O, the native token for the protocol. In addition, H2O will use Ocean data tokens as collateral for its data-backed token but other next-generation data tokens will back H2O later in the year.
Lastly, H2O is excited about the opportunity for its $H2O to become the native stable asset of the Web3 data economy. The H2O token was created to solve multiple issues in the decentralized data marketplace such as stability in transactional operations, capital efficiency, and efficient price discovery.