Pell Network secures $3 million in support to build Omnichain DVS network
London, UK, October 17, 2024, Chainwire
Pell Network, an Omnichain decentralized verification service (DVS) network, has successfully raised $3 million in early seed funding, as announced on October 16, 2024.
This round was co-led by Paper Ventures, Halo Capital and Mirana Ventures. Incubator D11-Labs and key investor Delta Blockchain Fund participated in this round along with a diverse group of investors including ArkStream Capital, Mantle EcoFund, Web3Port, Caliber Venture Builder, Cogitent Ventures, Contribution Capital, J17 Capital, Sats Ventures, Side. Gate Ventures, 071Labs and individual angels.
The funds will be used to develop the Pell Innovation Network, an omnichain DVS network powered by renewables. Using Liquid Staking Tokens (LST), Pell Network plans to break down the barriers between siled blockchains and enhance the long-term sustainability of the entire ecosystem.
Oliver Blakey, founder of Paper Ventures, expressed his enthusiasm for Pell's vision, “Pell's vision for a global trust network aligns perfectly with the needs of BTCFi users. We are excited to support their journey to address critical challenges and unlock new possibilities for Bitcoin-based DeFi.
David Toh, managing partner of Mirana Ventures, highlighted Pell's unique approach: “Pell Networks brings a new approach that enhances the user experience, providing developers with diverse revenue streams at low cost. We are excited to support their vision of creating an omnichain DVS network powered by re-uploading.
Technical architecture and market traction
The Pell network architecture consists of three key components: the reverse layer, the Pell chain, and the service layer. This structure aims to optimize resource allocation and maximize profits by aligning capital, assets and consumers.
The platform has already been deployed on 20 chains including BNB Smart Chain, Core, Babylon, Mantle and Ethereum and has achieved great success. Total Value Locked (TVL) has accumulated more than $300 million and more than 430,000 stakeholders on the Omnichain Restaking Network.
Future developments and community participation
With this funding and early traction, Pell Networks is positioning itself as a key player in cross-chain application building and startup building. The network aims to provide developers with DVS networks backed by tangible economic incentives, moving from traditional trust-based systems to quantitative, auditable economic security models in the blockchain space.
In line with its launch strategy, Peel Network launched a series of community engagement campaigns. These include Testnet launch in conjunction with Airdrop Campaign and GoldMiner Campaign, giving participants a chance to win up to 1 BTCB + 11 BNB raffle and 30% yield.
Early participants will be generously rewarded as the project progresses. More details will be announced soon.
About Peel
Pell Network will build an omnichain DVS(Decentralized Verification Service) network driven by cryptoeconomics using the LST (Liquid Staking Tokens) rebalancing method to create a decentralized verification service marketplace. The Pell Network aims to provide innovative technical solutions to the multibillion-dollar recovery sector, break down barriers between blockchains in blockchain, and enhance the long-term sustainability of the overall ecosystem.
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