Strata which is a token launch and management protocol on the Solana blockchain has closed on a $1.5 million seed round led by Multicoin capital joined by Solana Ventures, Asymmetric Partners, Alameda Research, and Starting Line.
The company which is headed by software developer Noah Prince plans to make the launching of tokens more accessible on the Solana blockchain by offering a no-code solution for those that are not very technical but still hope to create a token. The tokens can be created to be sold, traded or used in exchange for donations.
Currently Strata has seen the protocol gain traction with social token creators and those projects that become play-to-earn games, but the possibilities for this far outweigh such simplicity. Multiple new projects are on their way to the metaverse and tokenization is always a big draw for most of these projects. Another use of tokens would be for DAOs or decentralized autonomous organizations, or even subsets of those DAOs. Grape DAO has created tokens for its videographer and game developer communities seperate of the main group.
Smaller project groups that hope to provide some form of tokenization for their communities can finally find a solution that does not involve paying the hefty price for a full time coder. A small group that wants their NFT to stand out can finally have the tokenization to do so as well. This definitely levels the playing field a bit more between the big companies and small independent teams.
By allowing anyone to create a token for the platform the playing field is indeed leveled but the question of security and rug pulls comes back into play. It will once again be the responsibility of the purchaser to do their due diligence and ascertain the information they need before they make a purchase or investment. The room for more rug pulls and scams has been opened up a bit more and the hope that Strata has a strategy to defeat this of course is prevalent.
Tokenization provides for compasability and experimentation. Composability is the ability to combine , separate, and recombine components much like a child would with different sized legos. The experimentation in utility provided by different ideas, different projects, and different teams is what makes for a great blockchain. The tokenization process provides the creator with the ability to create the utility in reference to the needs of their community.
The service is not free and Strata does indeed collect a fee based on the way you manage the token. For more information be sure to check their website.
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