Polygon spinoff Avail raises $27 million in seed funding to build Web3 infrastructure News โธ Technology
Polygon spinoff Avail raises $27 million in seed funding to build Web3 infrastructure
The seed funding round was led by venture capital firms Dragon Fly and Founders Fund.
2 min read
Updated: Feb. 26, 2024 at 9:11 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Avail, a blockchain infrastructure project, raised $27 million in its seed funding round led by notable venture capital firms Founders Fund and Dragonfly, according to a Feb. 26 statement shared with CryptoSlate.
The raised capital will fuel the development of Avail’s three fundamental products: Data Availability (DA), Nexus, and Fusion. These components, forming what it terms the “Avail Trinity,” are poised to expedite the integration of web3 networks.
Anurag Arjun, co-founder of Avail, elucidated that the project lays the groundwork for a cohesive future in Web3 by constructing a unified framework where platforms operate in unity rather than isolation.
Arjun said:
“Rollup tooling will mature to such an extent that it will be as easy to deploy an app-specific rollup as it is to deploy a smart contract today. In this world of 10s and 1000s of chains, they will need to talk to each other seamlessly, otherwise this will lead to a huge user experience (UX) fragmentation issue.”
Last year, Avail emerged as a spin-off from Ethereum’s leading layer-2 network, Polygon.
What defines Avail?
Avail believes the industry is heading toward a system where “separate ecosystems can implement their own technology and scaling solutions while remaining connected via a trust-minimized and secure coordination layer.” In this world, the Avail Trinity would be pivotal in shaping the crypto landscape.
The Avail DA, a modular layer fortified with validity proofs and data availability sampling (DAS), stands as the scalable bedrock. It furnishes ample space for rollups to flourish, facilitating efficient verifiability. According to the firm:
“[DA] is not only a solid foundation for unification, but an important piece of core infrastructure for the rollup-centric future.”
Avail Nexus emerges as the verification hub, harmonizing various rollups within and beyond the Avail ecosystem and leveraging Avail DA as the root of trust.
Additionally, Avail prioritizes robust security through Fusion Security. This innovative approach leverages native assets from mature ecosystems like Bitcoin and Ethereum to fortify its platform’s security architecture. It added:
“This approach will progressively bolster Avail’s cryptoeconomic security and marks one of the first instances where foreign tokens like ETH and BTC are utilized to power consensus on a different blockchain.”
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Polygon
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Polygon, a prominent layer 2 scaling solution on Ethereum, has emerged as a multifaceted and scalable platform, enhancing the Ethereum ecosystem’s capabilities.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.