Avail, a Polygon Spinoff, Raises $27M in Seed Funding to Unify Web3

Polygon's spinoff Avail secures $27 million in seed funding, spearheaded by Peter Thiel's Founders Fund and Dragonfly, the company stated on Monday.

Polygon Spinoff Avail Raises $27M in Seed Funding From Founders Fund and Dragonfly

🌟 Polygon spinoff Avail has announced that it has raised $27 million in seed funding, with Peter Thiel’s Founders Fund and Dragonfly leading the investment round.

Growing the Avail Trinity

The funding will be utilized to develop three key products within Avail’s platform: Data Availability (DA), Nexus, and Fusion. These products are expected to accelerate the unification of Web3 and address the challenges of fragmentation.

Avail co-founder Anurag Arjun stated, “Today’s raise accelerates our vision to unify the Web3 space and solve the growing pains of fragmentation.” In his view, the rollup-centric future for scaling blockchains is already here, with a multitude of rollups—both EVM and non-EVM—emerging in the coming years.

In fact, Arjun believes that rollup tooling will become so advanced that deploying an app-specific rollup will be as easy as deploying a smart contract today. This reflects Avail’s commitment to empowering developers and expanding the possibilities of the Web3 ecosystem.

A Surge in Venture Capital Investment in Web3

Avail’s funding comes amidst a surge in venture capital investment in the Web3 ecosystem. Andreessen Horowitz, a prominent VC firm, recently invested $100 million in crypto restaking startup EigenLayer. Hack VC also unveiled a $150 million fund dedicated to backing projects that aim to decentralize the internet.

Q&A: Answering Your Curiosities

Q: What is the significance of Avail’s funding in the Web3 space?
A: Avail’s funding is significant as it provides the company with the resources necessary to develop innovative products that will unify the Web3 ecosystem and address the challenges of fragmentation. The backing from leading venture capital firms like Peter Thiel’s Founders Fund and Dragonfly highlights the promise and potential of Avail’s vision.

Q: What are rollups and why are they important for scaling blockchains?
A: Rollups are layer 2 solutions that aim to improve the scalability of blockchains. They achieve this by bundling multiple transactions into a single transaction and then submitting the batch to the main blockchain. This significantly reduces the processing power required and improves the overall scalability of the system. Rollups are crucial for accommodating the increasing demand and usage of blockchain applications.

Q: How will Avail’s products address the challenges of scalability and security in Web3?
A: Avail’s three core products—Data Availability (DA), Nexus, and Fusion—aim to bridge the gap between scalability and security in Web3. The DA layer ensures scalability and data availability for rollups using advanced zero-knowledge technology. Nexus serves as a central hub for verification, bringing together rollups from various ecosystems. Fusion Security provides additional security by leveraging assets from established ecosystems like Bitcoin and Ethereum.

Avail’s Breakaway to Protocol Neutrality

Avail was originally part of Polygon Labs but broke away in March last year to become a protocol-neutral, open-source, and community-driven initiative. Led by Anurag Arjun, one of Polygon’s co-founders, and Prabal Banerjee, a former research lead, Avail is built on Polkadot’s Substrate technology. Its use of nominated proof-of-stake (nPOS) and focus on broad stake distribution demonstrates its commitment to decentralization.

Joey Krug, a partner at Founders Fund, commended Avail’s team, tech stack, and emerging ecosystem, noting that they are enabling a more modular design space for projects building on their infrastructure.

Avail is currently operational on a testnet and aims to secure additional funding before its mainnet launch. The Data Availability timeline is projected for early Q2, while Nexus is planned for release later this year, followed by the launch of Fusion Security next year.

Avail’s Core Products: Scalability and Security for Web3

Avail’s three core products are designed to establish a scalable data availability layer for the Web3 ecosystem. Here’s a closer look at each one:

1. Data Availability (DA): This component addresses rollup scalability and ensures security in data availability. It leverages state-of-the-art zero-knowledge technology to anchor modular blockchains.

2. Nexus: Nexus serves as the central hub for verification, bringing together rollups from both within and outside the Avail ecosystem. It allows native assets from mature ecosystems like Bitcoin and Ethereum to contribute additional security to the Avail ecosystem.

3. Fusion Security: This component focuses on providing strong security for the Avail platform. It allows assets from established ecosystems to enhance the security of the Avail system.

With these products, Avail aims to overcome the scalability and security challenges faced by Web3, paving the way for a more stable and robust decentralized future.

Future Outlook: Advancing Web3 and Unifying the Ecosystem

Avail’s successful seed funding round indicates a growing interest in Web3 and the recognition of its potential. As the ecosystem continues to expand, we can expect more innovative projects, products, and funding opportunities to emerge. The unification of Web3 through platforms like Avail will bring about a web that is more decentralized, secure, and accessible to everyone.

The advent of advanced rollup technology and the integration of assets from established ecosystems will further enhance the scalability and security of the Web3 ecosystem. Developers and investors should closely monitor the progress of Avail and similar projects to capitalize on the opportunities presented by this rapidly evolving space.

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