Avail Secures $27M Seed Funding to Advance Web3 Unification and Rollup Solutions
Summary:
Web3 data availability network, Avail, has secured $27m in a seed funding round led by Founders Fund and Dragonfly, with participation from other prominent venture capital firms. The funds will bolster the development of Avail Trinity, the company's three core products. Experts believe Avail's infrastructure could significantly improve the interoperability of the Web3 ecosystem. Introduced by Polygon Labs and later established as a separate project, Avail aims to prevent user experience fragmentation issues amid blockchain scaling's increasing dependency on layer-2 rollups.
Web3 data availability and consensus network, Avail, recently closed a seed funding round of $27 million, backed by Founders Fund and Dragonfly. Numerous prominent venture capital firms such as SevenX, Figment, and Nomad Capital, along with select angel investors, also had a stake in the trailblazing $27 million seed round, reveals a press release dated February 26, shared with Cointelegraph. The funding will expedite Avail's endeavor to consolidate Web3 by reinforcing the progression of its key trio of products, collectively known as Avail Trinity: the Data Availability (DA) layer, Nexus unification layer, and Fusion security layer. Joey Krug, a partner at Founders Fund, said that Avail's cutting-edge blockchain framework might pave the way for enhanced Web3 ecosystem interoperability. Krug underlines that Avail's illustrious team, tech offerings, and burgeoning ecosystem fortify a modular design niche for projects to develop on their infrastructure. Furthermore, by segregating various blockchain layers, Avail incites scalability advancements on a massive scale and tackles current fragmentation issues in the blockchain realm. Anurag Arjun, Avail's co-founder, predicates that comparable Web3 unification models will gain prominence as blockchain scaling will increasingly lean on layer-2 rollups. As per Arjun, with maturing rollup tools, launching an app-specific rollup will be as straightforward as launching a smart contract today. In a scenario teeming with chains in tens and thousands, seamless interaction is a must to prevent enormous user experience fragmentation issues. As of last week, the total value locked in L2 rollups surged by 8.76%, reaching $24.93 billion. Arbitrum One is at the forefront, constituting over 50% of the value locked in rollups and bringing the total to $12.98 billion, as indicated by L2beat. Launched by Polygon Labs, Avail was later instituted as a separate project in 2021. In July 2023, Avail introduced a testnet bridge connecting to Ethereum, facilitating the launch of "validiums" or cost-effective layer 2s that do not retain the full transactional information on the primary network. The project is guided by Anurag Arjun, a former Polygon co-founder, and Prabal Banerjee, erstwhile Polygon research head.
Published At
2/26/2024 5:00:00 PM
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