Root Protocol, a project building an operating system that unifies access to Web3, is gearing up for its token launch after securing an impressive $10 million raise at a $100 million valuation.
Root Protocol is not just another Web3 project. After developing a DID system that accommodates more than 400 thousand verified accounts, more than 1 million social connections, and more than 100 thousand members in Root Protocol online communities, they decided to move to build something more ambitious, which is building an operating system that acts as your gateway to everything Web3.
Talking with Root Protocol, the team's vision sees future Web3 users not needing to juggle multiple wallets or deal with fragmented identities and complex protocols. Root Protocol wants to aggregate your digital identity, virtual accounts, social graphs, and crypto demands into a single, intent-centric platform. You can seamlessly access DeFi applications, manage NFTs, and connect with communities. By hiding the detailed workings of each platform, the Root Omni Protocol offers capabilities such as Root Dex, Root Lending, Root Graph, and more, all within one intuitive interface.
Recently, Root Protocol has successively integrated with LayerZero And Celestia to achieve omnichain interoperability and pave the way for a more cost-effective and sustainable L2 environment.
In a nutshell, Root Protocol aims to build one portal to connect Web3 users with all accounts, chains, and apps.
The recent $10 million raise signifies the industry's recognition of Root Protocol's approaches to welcoming the next billion users. The funding round was led by Animoca Brands along with Dao5, Shima Capital, Gate Labs, DFG Group, Signum Capital, Ankr Network, Digital Strategies, CMS Holdings, GenBlock Capital, Cypher Capital, and angel investors including Tekin Salimi, Meltem Demirors, and Lucy Gazmararian. For those who know the crypto space, these names can validate the immense potential of Root Protocol's vision to simplify and empower individuals' journeys into the decentralized world.
ISME Token launch: The key to the Root ecosystem
ISME is Root Protocol's native token. It incentivizes users to participate in the Root Protocol ecosystem and fuels various platform functionalities, including governance, incentivization, and fee payments.
It is worth mentioning that Root Protocol is adopting a token launch approach that is rare and stringent. An approach that most crypto projects shy away from.
According to Dylan Dewdney, the Root Protocol CEO and Co-Founder, Root Protocol is implementing a strict whitelist and KYC round to protect this launch, this community, and ISME tokens.
"We are partnering with Synaps, which will support us with their KYC / AML and KYB solutions to detect fraud, mitigate risk and comply with local and global regulations. Ensuring that the participants are authentic and genuinely want the best for Root Protocol is absolutely crucial for us as a community."
Even before this successful fundraising round, Root Protocol had already established itself as a frontrunner in the Web3 space. Apart from the 1 million DID social connections, Root Protocol has also partnered with renowned media outlets, showcasing its commitment to mainstream accessibility. And the team behind Root Protocol comprises seasoned builders and experts with extensive experience in blockchain technology and beyond.
The crypto space unanimously holds that the future of Web3 is rooted in simplicity. With Root Protocol's intent-centric approach, successful fundraising, and impressive track record, they are poised to reshape how we interact with Web3.