Web3 Platform Analog Raises $16M to Boost Cross-Chain Communication Tools for Developers
Summary:
Analog, a Web3 platform, has raised $16 million to enhance its cross-chain communication tools for developers. The funding round increased the start-up's value to $120 million and was supported by several crypto initiatives, Web3 funds, and venture capital firms. The team at Analog is working on a developer-centric product that will allow data querying from smart contracts across different blockchain networks. To distinguish themselves from competition, Analog emphasizes on consolidating cross-chain development features into a single toolkit, leading to better communication and interoperability across blockchains for asset transfers, decentralized exchanges, and more.
Analog, a Web3 platform, has recently accumulated $16 million in investment to further develop its cross-chain communications tools designed for developers. This fundraising round has bolstered the start-up's value, increasing it to $120 million in a fully diluted capacity. The round was supported by several crypto initiatives and Web3 funds, like Near, Wintermute, Orange DAO, Benqi Finance and Quantstamp. Participating entities also involved venture capital firms such as Tribe Capital, Alumni Ventures and NGC Ventures. Individuals involved were Balaji Srinivasan, an ex-Coinbase executive, and Samara Asset Group, owned by Mike Novogratz. Analog, which was brought into existence by Victor Young and Sanchal Ranjan in 2021, originated from Young identifying the need for cross-chain data triggers while working with algorithmic trading bots. Describing the inception of Analog, the founder affirmed that this concept was influenced by the mounting demand for cross-chain interoperability across all sectors. Analog's team previously partook in projects linked with the Polkadot ecosystem like Moonbeam and Enjin, and projects associated with cross-chain ecosystems including Cosmos and Chainlink. The team at Analog is developing a tool tailored for developers that allows them to access data from smart contracts across numerous blockchain networks. Expanding on how this solution can streamline data extraction and analysis from on-chain data, Young stipulated that cross-chain DEX [decentralized exchange] aggregator would need to fetch data for each distinct pair across varying DEXs on different chains to offer users the most efficient routes and precise price discovery mechanism. Analog is concurrently launching a software development kit, designed for general message passing, promoting communication and interoperability across blockchains for tasks such as asset transfers, decentralized exchanges, automated market makers, and nonfungible tokens. As additional layer 1s and layer 2s surface, these systems' composability will become crucial not only for inter-project issued tokens but also DApps [decentralized applications] with cross-chain functionalities, reliant or enhanced by DApps on other chains. The demand for cross-chain communication solutions sees active growth aligning with the expeditious multichained progression of Web3. LayerZero and Axelar are examples of projects evolving cross-chain tech to smooth network interactions. In order to differentiate itself from formidable competitors, Analog agrees on emphasizing cross-chain development aspects compiled into a single toolkit, rather than leaning upon external entities such as oracles. Young declared that they are more developer-oriented and are progressing on displaying the wide-ranging reach of their product across a broader variety of verticals.
Published At
2/12/2024 8:00:00 PM
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