2024-6-5 19:50 |
Avail, a company spun out of Ethereum layer-2 solution Polygon, secured $43 million in a Series A funding round to develop a unified layer that addresses the scalability challenges and fragmentation issues within the Web3 ecosystem, according to a June 4 statement shared with CryptoSlate.
This round takes Avail’s total funding to $75 million, including a previous $32 million raised during its pre-seed.
The Series A funding attracted prominent venture capital firms such as Founders Fund, Dragonfly Capital, and Cyber Fund.
Anurag Arjun, Co-founder of Avail, said the funding would allow the firm to “continue to address the most critical challenges facing Web3 today, such as blockchain fragmentation, insufficient data availability, and limited scaling.”
Notably, the funding arrives before the firm’s Avail DA mainnet launch, expected in a few weeks. It said Avail DA showcased impressive performance during its incentivized testnet phase, processing over 118 million transactions and facilitating more than 140GB of data submissions.
Unification layer
Meanwhile, Avail plans to resolve the highlighted through its Unification Layer. This modular technology stack combines data availability and shared security mechanisms to facilitate seamless interoperability among modular blockchains.
Consequently, this initiative is expected to pave the way for developing a secure, cost-effective, and user-friendly blockchain ecosystem.
Furthermore, the funding will support the development of Fusion Security—a mechanism designed to ensure shared security across the Avail ecosystem by leveraging the native assets of established ecosystems like Bitcoin and Ethereum.
Following this, Avail plans to launch Avail Nexus, a zero-knowledge rollup built on Avail DA, to address cross-rollup interoperability challenges. This layer will serve as a verification hub, unifying multiple rollups to mitigate issues such as siloed liquidity arising from blockchain fragmentation.
Joey Krug, Partner at Founders Fund, said:
“Avail makes data availability — a historically costly problem for blockchains — much cheaper and more efficient with their innovative, custom-built approach. Their DA solution, paired with their Nexus interoperability layer and Fusion security layer, makes it super seamless and easy for teams to create a new protocol (across all categories of crypto) leveraging Avail’s tech stack.”
The post Avail secures $43 million to enhance Web3 with modular unification technology appeared first on CryptoSlate.
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