July 16, 2024
Latest Cryptocurrency News

Avail Secures $27 Million in Seed Funding to Advance Web3 Unification

Avail, the Web3 data availability and consensus layer, has successfully closed a $27 million seed funding round, with Founders Fund and Dragonfly leading the investment. The funding also saw participation from prominent venture capital firms such as SevenX, Figment, Nomad Capital, and various angel investors.

The newly acquired funds will be instrumental in advancing the unification of Web3 through the enhancement of Avail’s three core products, collectively known as the “Avail Trinity.” This Trinity encompasses the data availability layer, the nexus unification layer, and the fusion security layer.

Joey Krug, a partner at Founders Fund, praised Avail’s modular blockchain infrastructure, anticipating that it could significantly boost Web3 ecosystem interoperability. He emphasized that Avail’s approach, by decoupling different blockchain layers, enables substantial scalability improvements and addresses existing fragmentation challenges in the space.

Anurag Arjun, Co-founder of Avail, highlighted the growing significance of Web3 unification frameworks in the context of blockchain scaling relying more on layer-2 rollups. Arjun explained that as rollup tooling matures, it will become as straightforward to deploy an app-specific rollup as deploying a smart contract today. In a world with numerous chains, seamless communication is essential to avoid significant user experience fragmentation.

The current total value locked (TVL) in L2 rollups stands at $24.93 billion, marking an 8.76% increase over the past week. Arbitrum One leads the pack, contributing over 50% to the value locked in rollups, with a TVL of $12.98 billion, according to L2Beat.

Avail, initially launched by Polygon Labs in 2021, later evolved into an independent project. In a significant development in July 2023, Avail introduced a testnet bridge to Ethereum, facilitating the creation of validiums—low-cost layer 2s that avoid storing complete transaction data on the primary network. The leadership of Avail is spearheaded by Anurag Arjun and former Polygon research lead Prabal Banerjee.

Image by Gerd Altmann from Pixabay

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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