EthStorage, a prominent storage-focused layer 2 network on Ethereum, has successfully completed its seed funding round, raising an impressive $7 million. Led by dao5 and joined by prominent investors like SevenX Ventures, Foresight Ventures, Dragon Roark, Sky9 Capital, and others, the funding has catapulted EthStorage to a $100 million valuation.
EthStorage has successfully raised $7M in a seed round with a $100M valuation. It was led by @daofive, with participation from prominent investors like @SevenXVentures @ForesightVen @dragonroark @Sky9Capital @avantfund @fmgroupxyz @gate_ventures @Galxe @geek_cartel @HitchhikerW3… pic.twitter.com/jplz6an5iQ
— EthStorage 🔜 EthCC Paris 🇫🇷 (@EthStorage) July 27, 2023
Scaling Ethereum through Storage Focus
EthStorage adopts a unique approach to scale Ethereum’s capabilities by focusing on storage. At the core of its technology lies a layer 2 storage rollup that significantly enhances Ethereum’s storage capacity. Leveraging KZG commitment and Reed-Solomon code, EthStorage achieves heightened data upload speeds. Additionally, dynamic data sharding ensures robust data retention, elevating Ethereum’s storage capacity from terabyte (TB) level to petabyte (PB) level.
A Strong Backing from Leading Investors
The recent funding round saw enthusiastic participation from prominent investors, reaffirming EthStorage’s potential and vision. With SevenX Ventures, Foresight Ventures, Dragon Roark, Sky9 Capital, and others on board, the collective support has solidified EthStorage’s position as a key player in Ethereum’s ecosystem.
Future-Proofing with SAFT
The funds raised during the seed funding round were acquired through Simple Agreement for Future Tokens (SAFT), a mechanism that aligns with EthStorage’s long-term growth strategy. As EthStorage advances into the developing phase, the SAFT model ensures a stable and forward-looking approach to token distribution and utilization.
Foundation Support and Innovative Technology
EthStorage’s journey has been further boosted by the backing of the Ethereum Foundation, which has awarded two development grants to support the network’s growth and innovation. EthStorage’s revolutionary approach, employing KZG commitment, Reed-Solomon code, and dynamic data sharding, positions it as a pioneer in expanding Ethereum’s storage capacity.
Distinctive Role in the L2 Landscape
Among the multitude of layer 2 networks, EthStorage stands out by placing a strong emphasis on Ethereum’s storage scalability. Its commitment to optimizing storage capabilities sets it apart from other solutions in the market. The recent announcement of the developer community platform, Gitcoin, about its own layer 2 ‘PGN’ highlights the growing interest and innovation in the layer 2 space.
Fueling Ethereum’s Growth
With the successful seed funding and the innovative technology it harnesses, EthStorage’s ambitions to scale Ethereum’s storage capacity to unprecedented levels are well underway. As the network progresses through its development phase, it has positioned itself as a pivotal player in shaping the future of Ethereum’s ecosystem. The increased storage capacity offered by EthStorage opens up a realm of possibilities, driving further growth and adoption for Ethereum in the evolving blockchain landscape.