May 23, 2024
Versatus Labs Raises $2.3 Million for Stateless Rollup Launch
Latest Cryptocurrency News

Versatus Labs Raises $2.3 Million for Stateless Rollup Launch

Blockchain scaling startup Versatus Labs, currently concentrating on Ethereum (ETH), has successfully secured an additional $2.3 million in funding for the launch of the world’s first stateless rollup, propelling its total value to $50 million.

The company’s cumulative funding has now reached $3.7 million, sourced from diverse backers, including Jump Crypto, BigBrain Holdings, Taureon Group, Hyperithm, NGC Ventures, and Republic Crypto. This funding is primarily allocated to the introduction of Versatus LASR, a novel product aimed at aiding developers in transitioning from web2 to web3.

Versatus has also formed partnerships with EigenLayer, a data availability service, Stader Labs, a liquid staking platform, and Anagram, a web3 venture. At the core of Versatus’s offering is its stateless rollup technology, designed to offer a more efficient method for verifying smart contract transactions, regardless of the programming language used.

This product aims to tackle existing challenges in the Ethereum network, such as high costs and inefficiencies, providing an alternative to the centralization issues found in optimistic rollups. Unlike traditional rollups, Versatus’s stateless rollup operates off-chain, minimizing the need for state and data storage, which is expected to benefit the development of complex and data-heavy smart contracts.

Furthermore, the technology facilitates asset transfers between blockchains and enables cross-chain contract integrations. EigenLayer’s founder, Sreeram, emphasizes the crucial role of stateless verification in scaling optimistic rollups, allowing nodes to sample and verify portions of the state update.

With the latest funding injection, Versatus Labs aims to make significant contributions to the evolving blockchain landscape, with a focus on enhancing the developer experience in the web3 domain.

Image by Gerd Altmann from Pixabay

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