Avail, a Web3 data availability and consensus layer, has successfully concluded its seed funding round, raising $27 million. The round was led by Founders Fund and Dragonfly, with participation from notable venture capital firms such as SevenX, Figment, and Nomad Capital, as well as angel investors. The funding will be used to accelerate the unification of Web3 by enhancing the development of Avail’s three core products, known as the “Avail Trinity”: the data availability layer, the nexus unification layer, and the fusion security layer.
Avail’s modular blockchain infrastructure has the potential to enhance interoperability within the Web3 ecosystem. Joey Krug, a partner at Founders Fund, believes that this could pave the way for greater connectivity. Anurag Arjun, the co-founder of Avail, also emphasizes the importance of such unification frameworks in the context of blockchain scaling, particularly as reliance on layer-2 rollups increases.
As of now, the total value locked (TVL) in layer-2 rollups stands at $24.93 billion, registering an 8.76% increase over the past week. The largest protocol in this space is Arbitrum One, which accounts for over 50% of the value locked in rollups, with a TVL of $12.98 billion, according to L2Beat.
Avail was originally launched by Polygon Labs in 2021 but later became an independent project. In July 2023, Avail introduced a testnet bridge to Ethereum, enabling the creation of validiums. These low-cost layer 2 solutions do not store full transaction data on the main network. The leadership team of Avail consists of Anurag Arjun and Prabal Banerjee, the former Polygon research lead.
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