Avail, a data availability and consensus layer on the Web3, has successfully concluded a seed funding round, raising $27 million. The round was spearheaded by Founders Fund and Dragonfly, with participation from prominent venture capital firms including SevenX, Figment, Nomad Capital, and angel investors. This funding will be utilized to expedite the integration of Web3 by enhancing the development of Avail’s three core products, collectively known as the “Avail Trinity.” These products encompass the data availability layer, the nexus unification layer, and the fusion security layer.
The introduction of Avail’s modular blockchain infrastructure has the potential to enhance interoperability within the Web3 ecosystem. Joey Krug, a partner at Founders Fund, emphasized the significance of such unification frameworks for Web3 as the scaling of blockchain increasingly relies on layer-2 rollups.
Anurag Arjun, co-founder of Avail, echoed this sentiment, highlighting the growing importance of Web3 unification frameworks as blockchain scaling progresses. Arjun pointed out that such frameworks are particularly critical as the value locked in layer-2 rollups currently stands at $24.93 billion, experiencing an 8.76% increase over the past week. The largest protocol in this space is Arbitrum One, which accounts for over 50% of the value locked in rollups, with a total value locked of $12.98 billion, according to L2Beat.
Avail originally emerged as a project under Polygon Labs in 2021 but later became an independent entity. In July 2023, Avail launched a testnet bridge to Ethereum, enabling the creation of validiums. These low-cost layer 2 solutions do not store complete transaction data on the main network. The leadership of Avail is comprised of Anurag Arjun and Prabal Banerjee, who formerly served as the research lead at Polygon.
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