Lens Protocol meme coin BONSAI gets $1 million investment

MadFi has completed a $1 million angel investment round for its BONSAI token, a meme coin created on Lens Protocol. The funding round attracted leading investors such as Palm Tree Crew (PTC) Crypto, Avara Ventures, and Social Graph Ventures. Individual investors also participated in the funding round, such as Boys Club Inc, Spencer Noon, and Sandeep Nailwal.

BONSAI is up by 340% since its launch, at the time of writing, with its price peak showing a 435% growth. Moreover, the token shows almost $95 million fully diluted market cap.

“By rewarding content and engagement, $BONSAI has effortlessly become an integral part of Lens, encouraging monetization experimentation,” stated Carlos Beltran, co-founder and CEO of MadFi.

Lens Protocol user count almost doubled movement in the last few weeks after its network became permissionless, letting users create new profiles without requiring a whitelist. Since February 27, Lens users jumped from 142,468 to 270,703, according to a dashboard from on-chain data platform Dune Analytics.

According to the funding announcement, the token’s utility extends beyond simple transactions, aligning the interests of platforms, creators, and users. Creators on Lens have already earned over $3 million in $BONSAI.

“BONSAI’s integration with the Lens community, already achieving over 80% of paid mints, is impressive,” commented Brett Shear of PTC Crypto.

Furthermore, the token has overtaken wMATIC as the preferred currency for monetizable content on Lens, with a market share of collected publications reaching 77% in March.