The platform, which is at present in its testnet mode, is ready to launch its token in June forward of the mainnet launch scheduled for October.
TEN, an encryption-focused Ethereum Layer 2 (L2) community, in any other case, referred to as “The Encryption Community” has efficiently secured $9 million in funding raised from high market buyers.
Per a press launch shared with Coinspeaker, the spherical which was completed in three tranches had banking consortium R3 because the lead investor with participation from different notable buyers together with KuCoin, Republic Crypto, Huge Mind Capital, Magnus Capital, and DWF Labs.
TEN Poised to Change the World of Decentralized Know-how
As an L2 community, TEN deploys a mannequin that permits it to keep up full encryption – a characteristic not at present obtainable amongst present L2 options. TEN’s resolution provides builders full management of their good contract permitting them to determine what half they wish to make public or hold non-public.
The platform maintains a steadiness between Optimistic-based L2s and ZK-Rollups. This might considerably broaden the scope of design potentialities, facilitating the event of a brand new period of on-chain video games, Decentralized Finance (DeFi), real-world asset integration, and institutional functions.
With the brand new funds, the L2 community can now broaden its 13-man workforce. Apparently, about seven members of the workforce beforehand labored at R3, a consortium of 42 main banking institutions targeted on exploring blockchain expertise and real-life asset tokenization.
In the meantime, the platform, which is at present in its testnet mode, is ready to launch its token in June forward of the mainnet launch scheduled for October. TEN selected to launch its native token earlier than its mainnet launch to permit as a lot decentralization as doable since it’s a governance token, in response to co-founder Gavin Thomas.
Fundraising within the Ethereum L2 Ecosystem
Many take into account Ethereum Layer 2 platforms as a serious infrastructure enviornment to spend money on because the business evolves. Just some days in the past, Eclipse Labs, a pioneering drive in Layer 2 blockchain growth, announced the closure of a $50 million Collection A funding spherical. Co-led by Placeholder and Hack VC, the funding spherical propelled Eclipse Labs into the limelight, bringing its complete capital raised to $65 million.
Nonetheless, the principle goal of the funding spherical is to gas the event of an revolutionary Ethereum Layer 2 resolution leveraging the Solana Digital Machine (SVM). According to Coingecko, the market worth of Layer 2 chains stands at a staggering $32.6 billion, with Ethereum-based tasks compromising greater than half of the worth. Notably, this valuation displays the rising demand for scalable and cost-effective options throughout the Ethereum ecosystem.
Equally, liquid restaking protocol Ether.Fi successfully closed a Collection A funding spherical with $23 million from strategic buyers like Bullish Capital, CoinFund, OKX Ventures, and Foresight Ventures, amongst others. With the brand new funds, the corporate is now positioned to compete with different restaking protocols within the Ethereum ecosystem like Puffer Finance, Prime Staked ETH, Renzo Protocol, and Eigenpie Platform to say a couple of.
