TLDR:
- Avail, a Web3 data availability and consensus layer, has closed a $27 million seed funding round led by Founders Fund and Dragonfly.
- The funds will be used to accelerate the development of Avail’s core products, including the data availability layer, the nexus unification layer, and the fusion security layer.
Avail, a Web3 data availability and consensus layer, has successfully closed a $27 million seed funding round led by prominent venture capital firms Founders Fund and Dragonfly. This seed round also included investments from SevenX, Figment, Nomad Capital, and other angel investors. The funds from this round will be utilized to enhance the development of Avail’s three core products, collectively known as the “Avail Trinity”: the data availability layer, the nexus unification layer, and the fusion security layer. Avail’s innovative modular blockchain infrastructure aims to improve Web3 ecosystem interoperability, offering scalability improvements and addressing fragmentation issues within the blockchain space.
Joey Krug, a partner at Founders Fund, praised Avail’s team, technology stack, and emerging ecosystem for enabling a more modular design space for blockchain projects. He emphasized that Avail’s approach of decoupling blockchain layers could lead to significant scalability enhancements. Anurag Arjun, co-founder of Avail, highlighted the importance of similar Web3 unification frameworks as blockchain scaling becomes more reliant on layer-2 rollups. He emphasized the need for seamless communication between different chains to prevent user experience fragmentation issues.
Furthermore, the article discusses the growing trend of total value locked (TVL) in layer-2 rollups, with Arbitrum One emerging as the largest protocol, accounting for over 50% of the value locked in rollups. Avail, initially launched by Polygon Labs in 2021 and later spun off as an independent project, has been actively contributing to the blockchain space. In July 2023, Avail introduced a testnet bridge to Ethereum, facilitating the creation of validiums, which are cost-effective layer 2 solutions that do not store full transaction data on the main network. Led by Anurag Arjun and former Polygon research lead Prabal Banerjee, Avail continues to make strides in the realm of Web3 technology.
