Lens Protocol-based memecoin BONSAI hits $100 million valuation after latest funding round Lens Protocol-based memecoin BONSAI hits $100 million valuation after latest funding round
BONSAI aims to become the default currency on Lens Protocol through its utility as a reward for content creation and engagement.
2 min read
Updated: Apr. 5, 2024 at 10:33 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
MadFi, a developer team focused on blockchain innovations, has secured a $1 million angel funding round for its BONSAI token — a memecoin on the Lens Protocol, according to an April 5 announcement.
The investment propels the total market cap of BONSAI to nearly $100 million on a fully diluted basis. The token’s integration into the Lens Protocol since its launch on March 4 has marked it as a significant tool for content creators to monetize and engage communities within the digital economy.
Several leading figures and organizations in the crypto and venture capital sectors participated in this round, including Palm Tree Crew (PTC) Crypto, Avara Ventures, and Social Graph Ventures.
Additional investors included Friends with Benefits, Refraction, Boys Club Inc., Fire Eyes, Robert Leshner, Spencer Noon, and Polygon co-founder Sandeep Nailwal — indicating broad support for BONSAI’s potential to innovate content monetization on blockchain networks.
Brett Shear of PTC Crypto praised the memecoin for achieving over 80% of paid mints on the Lens Protocol, highlighting the token’s role in enhancing user acquisition and engagement across its application ecosystem.
MadFi co-founder and CEO Carlos Beltran said the goal is to make BONSAI the default currency on Lens. He emphasized the token’s role in rewarding content creation and engagement as key to its rapid adoption and success.
With a 310.58% increase in value within a month and creators earning over $3 million in BONSAI, the token has demonstrated robust utility as a monetary and rewards layer on Lens.
It has surpassed wMATIC as the preferred currency for monetizable content, capturing about 77% of Lens’ collected publications market share in March.
The MadFi team, leveraging its experience since the launch of the Lens Protocol, continues to promote values such as content ownership, social graph portability, and on-chain social actions.+
MadFi aims to redefine content creation and consumption through BONSAI in an effort to offer creators fair compensation and foster a community that rewards engagement and brings value to the ecosystem.
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Author 
Assad Jafri
AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.
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Sandeep Nailwal is the co-founder of the Polygon Network.