Quick take:
- Ithaca is developing Odyssey, a layer-2 network dubbed the blockchain “from the future”.
- The layer-2 blockchain built with Reth and the OP Stack is now live on testnet.
- Paradigm announced Friday it has invested $20 million in the spinoff.
Paradigm has invested $20 million in Ithaca, a Web3 startup spun off from the Web3-focused venture capital firm.
Ithaca is building a new layer-2 network Odyssey, described as the blockchain “from the future.” Built with Reth and the OP Stack is now live on testnet, according to an announcement on Friday.
The company said Georgios Konstantopoulos, general partner and CTO of Paradigm will be taking the helm as the CEO of the new spinoff.
Odyssey is part of a new digital asset strategy under Ithaca that will see the VC firm build a new stack of technology products.
“Think of Ithaca as the company that is building the full stack of products and tools that developers need to ship faster and that consumers need to have less and less friction,” Konstantopoulos told The Block.
Although Konstantopoulos will retain his position as CTO of Paradigm, Ithaca will operate independently of the crypto VC firm and will join the likes of Uniswap, Coinbase and Flashbots as a portfolio company in Paradigm’s books.
According to Konstantopoulos Ithaca and Odyssey are part of an ongoing development work that Paradigm has been doing recently to make “Crypto go faster”.
“The whole crypto industry needs to accelerate, and accelerate does not just mean higher transactions per second, it means higher innovation, it means iterating faster to ship exciting new things that we can only do with crypto,” he said.
Konstantopoulos believes Odyssey is different from other layer-2s. Calling it a “layer-2 from the future,” he explained that Ithaca’s L2 “ships multiple features from the future of the Ethereum roadmap that haven’t been built yet by any other team.”
Odyssey “enables more powerful smart contracts”, which Konstantopoulos believes will solve the challenge of “frictionless onboarding for crypto.”
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