VanEck invested $2.5 million in DAWN, a protocol designed to provide decentralized broadband internet services without centralized internet service providers (ISPs).
DAWN leverages the Solana blockchain network’s fast transaction speeds and low costs to enable a more efficient and scalable internet infrastructure.
Here’s what the recent investment means for the cryptocurrency market.
DAWN’s funding and development
Currently, DAWN Protocol is in its testnet phase on the Solana blockchain with ambitious plans to cover over three million households.
It stands out for its unique Proof of Backhaul (PoB) mechanism. This evaluates the throughput at each network node, enhancing connection stability and efficiency across the network.
In February 2023, it secured $15 million in its initial Series A funding round, which helped lay the groundwork for its development. It added an additional $18 million in an extended Series A round in August 2024, which further expanded its infrastructure and services.
The funding rounds were led by Dragonfly Capital and included other reputable investors like CMT Digital, Castle Island Ventures, and Wintermute Ventures.
DAWN price prediction —Where it could be heading
DAWN/USD price action (Source: CoinMarketCap)
Currently, DAWN Protocol is trading at $0.004473, showing a 45.1% increase in the last 24 hours at a market cap of $334,180.
Since the beginning of 2024, the ROI for Dawn Protocol is +2120.87%. By the end of 2025, it is expected to reach $0.004295 and have a cumulative ROI of -2.00% by 2025.
Furthermore, it is expected to have a cumulative ROI of -1.58% and a price of $0.004313 by the end of 2030.
VanEck’s investment in DAWN Protocol endorses the DePIN model, which seeks to disrupt traditional internet service provision. It also signifies a growing institutional interest in decentralized infrastructure projects and could attract more traditional finance investments in DePIN projects.
Read more: Fantom Price Prediction as Sonic Mainnet Launch Nears
