Margaux Nijkerk reports on the Ethereum protocol and L2s. A graduate of Johns Hopkins and Emory universities, she has a masters in International Affairs & Economics. She holds a small amount of ETH and other altcoins.
network, announced Tuesday that it has raised $43 million in a Series A funding round led by Founders Fund, Dragonfly and Cyber Fund.
Data availability networks like Avail are used to help blockchains store information cheaply and in an easy-to-reference manner. The tech is particularly useful in the context of blockchain scaling, helping layer-2"rollup" networks manage transaction data and other information without relying on the main blockchain layer. This offloading reduces the burden on the main chain, leading to lower costs for end-users.
The fresh round of capital will go towards building out Avail’s Unification Layer, “a cutting-edge modular technology stack that combines data availability, aggregation, and shared security to enable modular blockchains to scale and interoperate permissionlessly and securely,” Avail said in a press release.
The team said the funds will also go towards developing Avail’s “Fusion Security” layer, which will take cryptocurrencies like ether and bitcoin to contribute to the security of the Avail ecosystem.
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