Quick take:
- The fundraising also attracted participation from IOSG Ventures, the Spartan Group, Mirana Ventures, Amber Group, Maven 11 and Big Brain Holdings.
- The company will use the funds to accelerate the development of its declarative, intent-based blockchain.
- Essential is built on Optimism rollup on Ethereum and addresses user intents off-chain to improve scalability.
Essential, an Ethereum layer-2 blockchain developed as a rollup on Optimism has raised $11 million in a Series A round led by Archetype. The fundraising was structured as equity with token warrants and brings the total raised to $16.15 million.
Other participants in the round included IOSG Ventures, the Spartan Group, Mirana Ventures, Amber Group, Maven 11 and Big Brain Holdings.
Essential offers an intent-based platform, meaning it provides solutions by focusing on users’ desired outcomes, rather than specific instructions as is the case for transaction-based models.
User intents are handled off-chain to improve scalability, thus making the process more efficient, the company wrote in a statement on Tuesday.
“We don’t have direct competitors as we’re the first project to build a blockchain using the declarative approach,” co-founder and CEO Liesl Eichholz told The Block. “Our main competitive landscape is other Layer 2 projects who are trying to improve on speed, scalability and user experience.”
Essential also unveiled Pint, its programming language used for developing intent-centric applications. It has already launched the pre-alpha devnet version of the language for testing purposes.
This announcement comes ahead of Pint’s planned testnet launch, scheduled for later this year. The company also plans to roll out its mainnet in 2025.
Commenting on his company’s leading role in the fundraising, Dmitriy Berenzon, Partner at Archetype said in a statement: “By enabling consensus on state updates without requiring on-chain execution, Essential will empower developers to build much more sophisticated and scalable applications than what is currently possible on virtual machine-based chains with traditional gas metering.”
Essential said the new capital will be used to accelerate the development of “the first declarative blockchain” as it marks Web3’s transition into a declarative intent-based future.
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