As the blockchain industry continues to grow, it faces challenges in scalability and user navigation. DappOS, an intent execution network, has raised $15.3 million in a Series A funding round led by Polychain, aiming to address these challenges and streamline on-chain outcomes.
The blockchain world is rapidly expanding, with the emergence of layer-1 (L1) and layer-2 (L2) blockchains. L1 blockchains, like Ethereum and Bitcoin, are foundational networks where all transactions are processed directly on the chain. However, these networks have faced congestion and scalability issues. To tackle these challenges, L2 solutions such as Lightning Network for Bitcoin and optimistic rollups for Ethereum have been developed. These solutions process transactions off the main chain while ensuring they are still secured by the underlying L1 blockchain.
The ecosystem of L1s and L2s is set to significantly lower the barrier to launching new blockchains, attracting significant investment. However, this proliferation of networks further fragments the Web3 ecosystem, making it difficult for users to navigate and ensure interoperability.
At the same time, decentralized applications (DApps) in areas like social finance and game finance are attracting users from the traditional Web2 world. These newcomers are unfamiliar with blockchain technology and seek streamlined workflows and intuitive interfaces. This highlights the need for cohesive, user-friendly solutions.
In this landscape of growing blockchain technologies and the need for user-centric platforms, DappOS stands out as a solution to bridge the gaps in the fragmented ecosystem. The company has secured $15.3 million in a Series A funding round, led by Polychain and with contributions from Nomad Capital, IDG, Flow Traders, and NGC. The funding will be used for operational expansion and further development efforts.
DappOS has already gained recognition in the blockchain space, having been selected for the Binance Incubation Program’s Season 5 in December 2022 and receiving seed round investment from Binance Labs and Sequoia China in July 2023.
The project operates by creating a two-sided marketplace that addresses supply and demand within the blockchain ecosystem. On one side, service providers stake collateral to offer various execution services, while developers use the platform to meet users’ needs by efficiently turning specific intents into on-chain results.
To enhance efficiency and cover various use cases, DappOS introduces the optimistic minimum stake (OMS) mechanism, which improves the network’s security for intent-based tasks. OMS ensures that tasks have a predefined value and potential compensation for failure, allowing for their execution before outcome verification. If a task fails, responsible service providers are slashed through a consensus process, ensuring users are either satisfied or compensated accordingly.
The OMS system benefits both service providers and users, offering cost-efficient and rapid task execution. The decentralized verification strategy enhances the network’s efficiency and security in handling diverse use cases.
With over 20 corporate projects, a user community of over 350,000, and more than 1.5 million transactions executed, DappOS has proven its capabilities in the blockchain space.
In the face of a rapidly expanding blockchain ecosystem, DappOS offers a solution for streamlined, user-centric blockchain interactions. Its innovative approach aims to redefine how users and developers navigate the fragmented landscape of blockchain networks and applications.