Avail Raises $27M in Seed Funding for Web3 Platform Development
Polygon spinoff Avail has announced that it raised $27 million in seed funding led by Peter Thiel’s Founders Fund and Dragonfly. The funding will be used to develop three key products within Avail’s platform: Data Availability (DA), Nexus, and Fusion. These components are aimed at accelerating the unification of the Web3 space and addressing the challenges of fragmentation.
Avail’s Vision for the Future of Scaling Blockchains
Avail co-founder Anurag Arjun believes that the future of scaling blockchains lies in rollups. He predicts that there will be a multitude of rollups, not just limited to Ethereum Virtual Machine (EVM) rollups. Avail aims to make deploying app-specific rollups as easy as deploying smart contracts today. With this vision, Avail is well-positioned to contribute to the advancement of the Web3 ecosystem.
Avail Breaks Away From Polygon for Protocol Neutrality
Originally part of Polygon Labs, Avail became an independent entity in March 2021. The decision to separate was driven by a desire to focus on protocol neutrality, open-source development, and community-driven initiatives. Avail utilizes Polkadot’s Substrate technology and employs nominated proof-of-stake (nPOS) for broad stake distribution.
Avail’s Core Products Bridge Scalability and Security for Web3
Avail has developed three core products that aim to address scalability and security challenges in the Web3 ecosystem:
Data Availability (DA)
- DA focuses on rollup scalability while ensuring data availability security.
- The DA layer utilizes state-of-the-art zero-knowledge technology to anchor modular blockchains and provide reliable data availability.
Nexus
- Nexus serves as the central hub for verification, bringing together rollups from both within and outside the Avail ecosystem.
- It allows native assets from mature ecosystems like BTC and ETH to contribute additional security to the Avail ecosystem.
Fusion Security
- Fusion Security enhances the overall security of the Avail platform by allowing assets from established ecosystems like BTC and ETH to provide additional security.
By developing these core products, Avail aims to establish a scalable data availability layer that bridges the gap between scalability and security in the Web3 space.
Future Plans and Timeline
Avail is currently operational on a testnet and plans to secure additional funding before its mainnet launch. The timeline for its core products is as follows:
Data Availability (DA)
The DA component is projected to be released in early Q2, around April 2022.
Nexus
The initial release of Nexus is planned for later this year.
Fusion Security
Fusion Security is expected to be developed and implemented next year.
Hot Take: Avail’s Funding Boosts Web3 Development
The $27 million seed funding secured by Avail is a significant milestone in the development of the Web3 ecosystem. With support from renowned venture capital firms such as Founders Fund and Dragonfly, Avail has the resources to advance its vision of unifying the Web3 space. The focus on protocol neutrality, open-source development, and community-driven initiatives sets Avail apart in the rapidly evolving blockchain landscape.
As the Web3 ecosystem continues to grow, the need for scalable and secure solutions becomes increasingly important. Avail’s core products, including Data Availability (DA), Nexus, and Fusion Security, address these challenges and pave the way for a more interconnected and robust Web3 infrastructure. With its innovative approach and strong backing, Avail is poised to make a significant impact in the future of blockchain technology.
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