As part of its development plans,  Agoric recently announced that it has raised $32 million during a private token sale and has also launched its mainnet three years after it commenced development. Agoric, which was founded in 2018, is a JavaScript-based smart contract platform built on the Cosmos SDK and using the Tendermint proof-of-stake (PoS) mechanism.

Several investors and partners are working closely with Agoric to help achieve its goal of expansion. Some of these investors include Polychain and Naval Ravikant.  Others like Placeholder, NGC Ventures, Spartan Group, Compound VC, Acrew Capital, Figment, and Chorus One took part in the private token sale.

With this round, Agoric has now raised $38 million in total capital. It previously received $6 million in two rounds of funding. According to its leadership, Agoric has no intentions to raise additional funding in the foreseeable future.

Plans for Expansion

The entire Agoric team is excited about this launch, and in a statement, Agoric co-founder and CEO Dean Tribble explained the need for the crypto community to engage other audiences who are not entirely familiar with the market. He noted that Agoric is working to bridge the gap between these sides. He said, “The crypto market has overlooked the need to engage with non-crypto-native audiences to onboard the next wave of DeFi entrepreneurs. Agoric is aiming to bridge this divide.”

The Agoric team is filled with experts who are willing to ensure the greater adoption and widespread use of crypto in unfamiliar surroundings. Agoric is led by Tribble, a former principal architect at Microsoft, and chief scientist Mark S. Miller, a Google research scientist who authored” Agoric Open System” in 1998.

The platform wants to create and extend its developer community now that the Agoric mainnet has been deployed and new cash has been raised. Agoric will reward early developers with its native Build (BLD) token, according to its co-founder, Tribble.

How the Funds will be used

Several plans have been made on how the newly-raised funds will be spent, especially in the development of the platform. The launch of Agoric’s native automated market maker (AMM) has been identified as the next phase of the platform. The automated market maker will permit users to swap tokens, as well as a native USD-pegged stablecoin (RUN), which will be used to pay network fees.

Also, there are plans to increase the Agoric team to bring in more expertise and increase productivity. According to Tribble, Agoric currently has 22 people, but plans are ongoing for an additional ten staff across several roles within the team.

Since its launch a few years ago, Agoric has been working to assist JavaScript developers, the world’s largest developer community with approximately 14 million members, in the development of decentralized applications, or dapps. JavaScript is a programming language similar to Solidity on Ethereum and Rust on Solana.