Avail is working on a Data Availability (DA) solution that will work with Ethereum’s Danksharding roadmap and is essential for rollup scalability.
Avail, a Web3 infrastructure layer, announced today that it has raised $75 million from investors, including Peter Thiel’s Founders Fund, Cyber Capital, Dragonfly Capital, and other notable VCs and angel investors.
The funding includes a recent funding round of $43 million in Series A, focused on roll-up interoperability, scalability, and security challenges in the web3 domain.
Avail is working on a Data Availability (DA) solution that will work with Ethereum’s Danksharding roadmap and is essential for rollup scalability. This solution has shown promising results with over 140GB of data submissions and over 118 million transactions completed in its incentive-driven testnet.
The money raised in this Series A round will be utilized to advance the development of Avail’s Unification Layer and to introduce Avail DA on the Mainnet. With this layer, Avail plans to offer a unified framework so that different blockchain ecosystems can work together without any problems.
Anurag Arjun, the founder of Avail, said, “We need a way for rollups to scale & come together permissionlessly so that cross-rollup transactions can connect seamlessly.”
Avail’s Unification Layer’s first three basic modules, Avail DA, aims to improve blockchain interoperability through validity proofs and Data Availability Sampling (DAS).
Without a complete node, anyone can use this novel method to confirm data availability in less than a minute. Building on this, Avail Nexus connects users and liquidity more effectively by acting as a cross-chain coordination hub.
Avail is improving blockchain security and establishing Avail Fusion, a shared security layer, by adding restaking support for many assets, including ETH and BTC. This layer will further unify the blockchain ecosystem by shielding rollups with high crypto-economic security from a basket of crypto-assets.
Avail’s Unification Layer aims to improve blockchain developers’ and consumers’ experiences. With the least amount of code, developers may create custom blockchains using any technology and inherit Avail DA’s capabilities. Users gain from smooth transactions because Nexus manages the transfer of assets between chains.
Additionally, the company announced that the $AVAIL airdrop phase 2 is live, offering an opportunity to receive free tokens.
Retrieved from: https://www.cryptotimes.io/2024/06/04/avail-secures-75-million-to-build-unification-layer-for-web3/
