Quick take:
- Maven 11 Capital and Anagram co-led the round with participation from Digital Currency Group, Bankless Ventures, and A16z Crypto Startup Accelerator.
- The funds will be used to accelerate the development of Based Stack.
- Based Stack is scheduled for a testnet launch later this year before going live in the mainnet in the first quarter of 2025.
Spire Labs, a Web3 startup focusing on building ethereum scaling solutions has raised $7 million in a seed round co-led by Maven 11 Capital and Anagram.
The fundraising also attracted participation from Digital Currency Group, Bankless Ventures, Volt Capital, Finality Capital, and A16z Crypto Startup Accelerator, with Celestia Labs’ Nick White and Jacob Arluck and AltLayer’s Amrit Kumar among those who joined as angel investors.
The fundraising was structured as a simple agreement for future equity (SAFE) and will be used to accelerate the development of the company’s first product, Based Stack, a rollup framework that helps developers deploy app-specific chains on Ethereum, co-founder Kaito Yanai told The Block.
According to Yanai, Spire Labs’ Based Stack is slightly different from other Ethereum-based scaling infrastructure platforms. It emphasises “based sequencing”, which allows developers to “leverage Ethereum Layer-1 as the sequencing layer, instead of a centralised sequencing.”
“This provides superpowers like L1 composability and the credible neutrality of Ethereum, including liveness, censorship resistance and decentralization,” he said.
“Based rollups created with the Based Stack are appchains to customize the rollup contract in ways that are impossible on general-purpose rollups,” Yanai explained, adding that many DeFi developers on Ethereum indicated they want to create appchains without having to leave their connection with Ethereum.
Based Stack is scheduled for a testnet launch by the end of the year before going live in the mainnet in the first quarter of 2025.
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