As the blockchain industry continues to grow, there are challenges that arise in terms of scalability and user experience. DappOS, an intent execution network, has recently raised $15.3 million in Series A funding led by Polychain. This funding will be used to streamline on-chain outcomes and address these challenges.
The blockchain landscape is expanding rapidly, with the emergence of layer-1 (L1) and layer-2 (L2) blockchains. L1 blockchains like Ethereum and Bitcoin serve as foundational networks where all transactions are processed directly on the chain. However, as these networks have grown, congestion and scalability issues have become more prevalent.
To alleviate these issues, L2 solutions like the Lightning Network for Bitcoin and optimistic rollups for Ethereum have been developed. These solutions process transactions off the main chain while still ensuring they are secured by the underlying L1 blockchain.
The rise of L1s and L2s has led to a lower barrier for launching new blockchains, resulting in a potential explosion in the number of networks. This fragmentation of the Web3 ecosystem makes navigation and interoperability challenging for users.
At the same time, decentralized applications (DApps) in areas such as social finance and game finance are attracting users from the traditional Web2 world. These users are unfamiliar with blockchain technology and seek streamlined workflows and intuitive interfaces. This highlights the need for cohesive and user-friendly solutions.
DappOS aims to bridge the gaps within the fragmented ecosystem by providing a user-centric platform. The company has secured $15.3 million in Series A funding, with Polychain leading the funding round. Other investors include Nomad Capital, IDG, Flow Traders, and NGC. The funding will be used for operational expansion and further development efforts.
DappOS has also gained recognition in the blockchain space, being selected for the Binance Incubation Program’s Season 5 and receiving seed round investment from Binance Labs and Sequoia China.
The project operates as a two-sided marketplace, with service providers offering execution services and developers utilizing the platform to meet users’ needs. DappOS introduces the optimistic minimum stake (OMS) mechanism to enhance efficiency and security for intent-based tasks. This mechanism allows for the execution of tasks before their outcomes are verified, with a consensus process in place to handle failures.
The OMS system benefits both service providers and users, providing cost-efficient and rapid task execution. With over 20 corporate projects under its belt, DappOS has a user community of over 350,000 and has executed more than 1.5 million transactions.
In the midst of a rapidly expanding blockchain ecosystem, DappOS offers a solution for streamlined and user-centric blockchain interactions. Its innovative approach seeks to redefine how users and developers navigate the fragmented landscape of blockchain networks and applications.