Avail closes $27M seed round led by Funders Fund, Dragonfly.
Avail — Web3's data availability and consensus layer — has closed a $27 million seed round led by Founders Fund and Dragonfly.
The $27 million seed round includes SevenX, Fiment, Nomad Capital and other well-known venture capital companies, including angel investors, according to a press release shared with Cointelegraph on February 26.
The funds will be deployed to help accelerate Web3 integration by strengthening the development of the company's three core products: the “Avail Trinity:” the Data Access Layer, the Nexus Integration Layer, and the Integration Security Layer.
Avail's modular blockchain infrastructure could bring more Web3 ecosystem interoperability, said Founders Fund partner Joey Krug. wrote:
“[Avail’s] A stellar team, technology stack, and emerging ecosystem are enabling a more modular design space for projects. By combining different blockchain layers, Avail unlocks orders of magnitude improvement and helps solve the fragmentation issues in space.
According to Anurag Arjun, co-founder of Avail, similar Web3 integration frameworks will become more important as blockchain scaling becomes more dependent on layer-2 packages. Arjun wrote:
Today, deploying an application-specific package will be easier than making a wrapper tool for deploying a modern contract. In this world of 10's and 1000's of chains, they need to communicate seamlessly, otherwise this can lead to massive user experience (UX) fragmentation.
The Total Locked Value (TVL) in the L2 package was $24.93 billion, up 8.76% over the previous week. Arbitrum One is the largest protocol, accounting for more than 50% of the value locked in the bundle, at $12.98 billion TVL, according to L2Beat.
Avail was launched by Polygon Labs in 2021 but was later launched as a separate project. In the year In July 2023, Avail released the TestNet bridge to Ethereum to enable the creation of legitimate applications, a low-cost layer 2s that does not store full transaction data on the main network. Avail is led by Arjun and former Polygon research head Prabal Banerjee.
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