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Modular Blockchain Avail Raises $27 Million in Seed Funding Round

26/02/2024 21:54

According to PANews, modular blockchain Avail has announced the completion of a $27 million seed funding round, led by venture capital firms Founders Fund and Dragonfly. Avail was spun off from Polygon in March 2023 and is led by Polygon co-founder Anurag Arjun. The seed funding will be used to develop three core products: its Data Availability (DA) solution, Nexus, and Fusion. Avail DA is the first core component, providing data space data for auxiliary 'Layer 2 networks' or 'rollups', aiming to process transactions faster and cheaper than base blockchains like Ethereum. The new DA project is expected to be operational in early Q2 2024. Avail Nexus is a 'zero-knowledge, credential-based Avail DA coordination rollup', meaning it will operate as an infrastructure layer, connecting different rollups through the Avail ecosystem for communication. It will 'act as a validation center, unifying a wide collection within and outside the Avail ecosystem, using Avail DA as a trust root.' The project's 'Fusion Security' will utilize encrypted assets such as BTC and ETH to contribute to the security of the Avail ecosystem. According to the company, the first iteration of Nexus is expected to launch in 2024, while Fusion Security will be ready in 2025.

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