Polygon

Avail secures $43 million to enhance Web3 with modular unification technology

Avail, an organization spun out of Ethereum layer-2 answer Polygon, secured $43 million in a Sequence A funding spherical to develop a unified layer that addresses the scalability challenges and fragmentation points throughout the Web3 ecosystem, in accordance to a June 4 assertion shared with CryptoSlate.

This spherical takes Avail’s complete funding to $75 million, together with a earlier $32 million raised throughout its pre-seed.

The Sequence A funding attracted outstanding enterprise capital corporations resembling Founders Fund, Dragonfly Capital, and Cyber Fund.

Anurag Arjun, Co-founder of Avail, mentioned the funding would permit the agency 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 earlier than the agency’s Avail DA mainnet launch, anticipated in a couple of weeks. It said Avail DA showcased spectacular efficiency throughout its incentivized testnet part, processing over 118 million transactions and facilitating greater than 140GB of knowledge submissions.

Unification layer

In the meantime, Avail plans to resolve the highlighted via its Unification Layer. This modular technology stack combines knowledge availability and shared safety mechanisms to facilitate seamless interoperability amongst modular blockchains.

Consequently, this initiative is anticipated to pave the way in which for creating a safe, cost-effective, and user-friendly blockchain ecosystem.

Moreover, the funding will help the event of Fusion Safety—a mechanism designed to guarantee shared safety throughout the Avail ecosystem by leveraging the native property of established ecosystems like Bitcoin and Ethereum.

Following this, Avail plans to launch Avail Nexus, a zero-knowledge rollup constructed on Avail DA, to tackle cross-rollup interoperability challenges. This layer will function a verification hub, unifying a number of rollups to mitigate points resembling siloed liquidity arising from blockchain fragmentation.

Joey Krug, Associate at Founders Fund, mentioned:

“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.”

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