Versatus Labs, a blockchain scaling startup currently focused on Ethereum (ETH), has raised an additional $2.3 million in funding for the launch of the world’s first stateless rollup, bringing its value to $50 million. .
This latest funding round included contributions from NGC Ventures and Republic Crypto, two major players in the blockchain technology sector.
The company’s total funding now stands at $3.7 million, with investments from a variety of sources including Jump Crypto, BigBrain Holdings, Taureon Group, Hyperithm, NGC Ventures, and Republic Crypto. This funding is primarily directed toward the launch of Versatus LASR, a new product designed to ease the transition from web2 to web3 for developers.
Versatus has also established partnerships with EigenLayer, a data availability service, Stader Labs, a liquid staking platform, and Anagram, a web3 company.
Develop a ‘stateless package’
The core of Versatus’ offering is its stateless accumulation technology, which aims to provide a more efficient method of verifying smart contract transactions, regardless of the programming language used.
The product is designed to address some of the existing challenges on the Ethereum network, such as high costs and inefficiencies, and aims to offer an alternative to the centralization issues found in bullish rollups.
Versatus stateless rollup differs from traditional rollups by providing an execution environment that operates off-chain, reducing the need to maintain state and data storage. This approach is expected to be beneficial for the development of complex and data-intensive smart contracts.
Additionally, the technology facilitates cross-blockchain asset transfers and cross-chain contract integrations. Sreeram, founder of EigenLayer, notes that stateless verification is crucial for the scalable expansion of optimistic rollups, allowing nodes to sample and verify parts of the state update.
With its latest funding round, Versatus Labs aims to contribute to the evolution of the blockchain landscape, focusing on improving the developer experience in the web3 domain.
