Avail, a company spun out of Ethereum layer-2 solution Polygon, recently secured $43 million in a Series A funding round to develop a unified layer that aims to address scalability challenges and fragmentation issues within the Web3 ecosystem. This brings Avail’s total funding to $75 million, including a previous $32 million raised during its pre-seed. The funding round saw participation from notable venture capital firms including Founders Fund, Dragonfly Capital, and Cyber Fund.
Anurag Arjun, Co-founder of Avail, expressed that the funding will enable the firm to continue addressing critical challenges facing Web3, such as blockchain fragmentation, insufficient data availability, and limited scaling. The timing of the funding is strategic, as it precedes the imminent launch of Avail DA’s mainnet, expected in the coming weeks. Avail DA showcased impressive performance during its incentivized testnet phase, processing over 118 million transactions and facilitating more than 140GB of data submissions.
Avail’s unique approach involves the development of a Unification Layer, a modular technology stack that combines data availability and shared security mechanisms to facilitate seamless interoperability among modular blockchains. This initiative is anticipated to contribute to the creation of a secure, cost-effective, and user-friendly blockchain ecosystem. The funding will also support the development of Fusion Security, a mechanism intended to ensure shared security across the Avail ecosystem by harnessing the native assets of established ecosystems like Bitcoin and Ethereum.
In addition to this, Avail plans to launch Avail Nexus, a zero-knowledge rollup built on Avail DA, to address cross-rollup interoperability challenges. This layer will function as a verification hub, bringing together multiple rollups to mitigate siloed liquidity issues arising from blockchain fragmentation. Joey Krug, Partner at Founders Fund, praised Avail for making data availability more efficient and cost-effective, particularly with their innovative DA solution, Nexus interoperability layer, and Fusion security layer, which simplify the process for teams to create new protocols leveraging Avail’s technology stack.
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