EthStorage Raises $100 Million in Seed Funding for Ethereum Storage Scaling

EthStorage Raises $100 Million in Seed Funding

EthStorage, a crypto startup aiming to scale Ethereum storage through a Layer 2 network, has reached a valuation of $100 million in its seed funding round. The $7 million fundraise was led by crypto investment fund dao5, with participation from SevenX Ventures, Foresight Ventures, Sky9 Capital, Gate Ventures, and Galxe.

Key Points:

EthStorage’s seed funding round reaches $100 million valuation.
Investors include dao5, SevenX Ventures, Foresight Ventures, Sky9 Capital, Gate Ventures, and Galxe.
The funding round was structured as a SAFT (simple agreement for future tokens).
Qi Zhou, founder of EthStorage, is also the founder of QuarkChain.
EthStorage aims to achieve Petabytes of storage capacity on Ethereum at a reduced cost.

What is EthStorage?

EthStorage is a Layer 2 storage rollup being developed on top of Ethereum. The platform plans to increase Ethereum’s storage capacity while leveraging its mainnet security features. By submitting storage proofs from the Layer 2 network to Ethereum L1, EthStorage aims to reduce storage costs significantly and achieve Petabytes of storage capacity.

EthStorage’s Unique Approach

Gate Ventures compared EthStorage to other blockchain storage projects like Arweave and Filecoin, highlighting the unique features provided by EthStorage. The startup offers an innovative, cost-effective, and dynamic storage solution that addresses the limitations of existing options in the market.

Hot Take:

EthStorage’s successful seed funding round demonstrates the continued interest and investment in blockchain storage solutions. With its Layer 2 network and ambitious goals, EthStorage has the potential to revolutionize Ethereum’s storage capacity and drive further adoption of decentralized applications.