JokeRace, the on-chain competition platform, announced the completion of a $3 million financing round with Maven 11 as the lead investor.

TechFlow News: On July 31st, according to The Block, the on-chain competition platform JokeRace announced the completion of a $3 million financing round, led by Maven 11 with participation from around 30 angel investors. Developed by a three-person team, JokeRace offers a no-code solution that allows blockchain projects to quickly launch competitions, debates, and hackathons to incentivize community participation. The project initially started as a social media experiment to select who could post the funniest jokes. Since its launch last year, JokeRace has been operating on over 90 EVM-compatible chains and has been used by well-known brands such as Polygon, Farcaster, and Bankless. The team plans to use the newly acquired funds to expand marketing and business development efforts, aiming to achieve product-market fit and enhance user experience. Co-founder of JokeRace, David Phelps, stated: 'Over the past year, we have focused on building the core product, listening to user feedback, and collaborating with key players in the ecosystem, resulting in significant progress.' The team aims to ensure that users benefit from the platform's development through incentive mechanisms, thereby promoting broader participation.