Shards Raises $2M in Oversubscribed Round Backed by Animoca Brands, Kyber Ventures, and YGG
In Brief
Shards Protocol is a decentralized reputation platform that rewards users for on-chain activity through its flagship product Aura, and has raised $2M from major Web3 investors to expand its ecosystem.
Shards Protocol, a reputation protocol that rewards users for their on-chain milestones and has announced its raise of $2M across multiple funding rounds.
Participating in the round were Animoca Brands, Kyber Ventures, and more. Earlier this year, the company announced its expansion from Shards.Tech to Shards Protocol, taking user acquisition and rewards to the next level. Famous Web3 gaming guilds such as Yield Guild Games also made a strategic investment into Shards Protocol.
Shards initially started as an SDK layer that allowed game studios to boost their retention rates and average in-game spends by more than 100%, allowing anyone (players, non-players, speculators or just community members) to buy a fraction of that team, which they can buy and sell freely on the marketplace.
Multiple games integrated Shards.Tech into their product offerings and game campaigns seeing an increase in retention rate by over 200% in 2024, generating over $400,000 in trading volume using its private alpha.
“The company onboarded over 1 million users across all products and generated $1M + trading volume, but we quickly realised that Web3 needed more,” said Stefano D’Silva, CEO and co-founder of Shards. “That is why we introduced flagship product Aura, a recognition layer that transforms your on-chain contributions into reputation and rewards.”
Most of the new capital will be used to enhance Aura and its integration within the Web3 ecosystem as the project gears up for a token launch, with further expansion of the product throughout the year.
Yat Siu, the co-founder and executive chairman of Animoca Brands, commented, “We are glad to support Shards Protocol; it is revolutionizing Web3 user acquisition by seamlessly integrating quest-based engagement and campaigns.”
Dr. Loi Luu, Founder of Kyber Ventures and Caliber, commented on the investment; “Shards Protocol’s Aura represents a powerful step toward on-chain identity that is earned, not given. Aura’s approach to reputation aligns with our vision of user-centric Web3 infrastructure, one that rewards meaningful participation and promotes verifiable trust.”
Shards Protocol’s unique value proposition lies in an ecosystem of initiatives spearheaded by its reputation protocol Aura, which rewards users for its on-chain milestones.
Stefano also shared his delight at the strategic investments, stating; “With Aura, we are setting a new standard for credibility in the space by empowering the silent contributors who have been staking, building, and supporting projects without recognition. By transforming on-chain activity into reputation and rewards, Aura brings a layer of transparency and meritocracy that Web3 has been missing until now.”
Users can display their reputation scores across their journey in Web3, collect badges and more directly on their X (formerly Twitter) profiles. The company states that the more badges users mint, the more they build their reputation, enabling them to access more rewards.
Gabby Dizon, co-founder of Yield Guild Games (YGG), also said in a statement, “Aura by Shards is exploring ways to recognize what people are doing on-chain and connect them with opportunities. It’s always good to see more projects building toward better ways for web3 communities to grow and organize.”
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About Shards Protocol
Shards Protocol is a decentralized reputation layer that turns on-chain activity into rewards. Its flagship product, Aura, helps users build and showcase verifiable Web3 identities through badges and reputation scores directly visible on platforms like X. Backed by Animoca Brands, Kyber Ventures, and Yield Guild Games, Shards Protocol attracted over 1M users. Evolving from Shards.Tech, it now powers precise user acquisition and engagement across the Web3 ecosystem.
Learn more at https://www.shards.tech/
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About The Author
Gregory, a digital nomad hailing from Poland, is not only a financial analyst but also a valuable contributor to various online magazines. With a wealth of experience in the financial industry, his insights and expertise have earned him recognition in numerous publications. Utilising his spare time effectively, Gregory is currently dedicated to writing a book about cryptocurrency and blockchain.
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Gregory, a digital nomad hailing from Poland, is not only a financial analyst but also a valuable contributor to various online magazines. With a wealth of experience in the financial industry, his insights and expertise have earned him recognition in numerous publications. Utilising his spare time effectively, Gregory is currently dedicated to writing a book about cryptocurrency and blockchain.
