Blockchain Base Layer Avail Raises $75M to Advance Unification Efforts for Web3
Summary:
The modular blockchain base layer, Avail, has successfully secured $75 million in funding through several investment rounds, with $43 million garnered from a recent oversubscribed Series A funding round. Avail, co-founded by Anurag Arjun, intends to use the capital to further develop its permissionless unification layer for Web3. The company aims to mitigate issues in the blockchain landscape like fragmentation, limited data availability and scalability. Several notable venture capital firms participated in the funding round. Future plans include the construction of Avail Nexus for improved cross-rollup operability and Fusion Security for shared ecosystem security.
The modular blockchain base layer, Avail, has raised a total of $75 million after a series of investment rounds, indicating venture capitalists' awareness of the need to combat blockchain data availability issues. Earlier this month, a Series A round, which was significantly oversubscribed, brought in $43 million. This was supplemented by the $32 million collected from previous pre-seed and seed rounds. Co-founder of Avail, Anurag Arjun, plans to use the raised capital to further develop the permissionless unification layer for Web3. The new funding provides his team with the resources to accelerate their work, enhance their global footprint, and tackle the key issues plaguing Web3 today.
Avail, under the guidance of Polygon's co-founder Arjun, aims to solve the blockchain landscape's three main difficulties: blockchain fragmentation, limited data availability, and restricted scalability. Arjun elaborated to Cointelegraph how Avail's data availability solution tackles these problems by shifting data off-chain and verifying its presence. It uses a variety of techniques such as validity proofs, erasure coding, light clients, and data availability sampling to achieve this.
Arjun counter-posed this approach to other blockchain designs, which see their block space reduced as demand grows. Avail's data availability layer, in contrast, can scale the block space as per the demand, making it more future-proof for appchains and rollups.
Renowned venture capital firms and individual investors, including Altos Ventures, Alliance DAO, Hashkey, Elixir Capital, Spark Digital Capital, and RW3 Ventures, were among those that took part in the Series A funding.
Avail's main goal is to promote collaborations and partnerships with other players in the Web3 industry by unifying the blockchain. Developer can leverage Avail’s capabilities to create and expand modern blockchain applications. Rather than developing a separate layer 1, they can introduce a new rollup. Arjun believes that increasing the quantity of layer-1 and layer-2 blockchains can be damaging due to fragmentation and user confusion, which is why VCs are drawn to Avail's unification approach and the problems its technology addresses.
In addition to inheriting protection from Avail's base layer, the rollups also benefit from the plan to strengthen security further by permitting multiple cryptocurrency restaking, including Bitcoin and Ether.
Joey Krug, a partner at the participating venture capital firm Founders Fund, highlighted the simplicity of creating new protocols using Avail’s technology stack. He emphasized Avail’s ability to transform data availability, an historically expensive issue for blockchains, into a more cost-effective and efficient process.
The roadmap for Avail includes the construction of Avail Nexus, a unification layer based on Avail's data availability to enhance cross-rollup operability. This along with Fusion Security is aimed to ensure uniform and shared security across the Avail ecosystem.
Published At
6/4/2024 4:00:00 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.