Founders Fund and Dragonfly led a $27 million venture funding round for Avail, a Web3 data availability and consensus layer. The funds will be used to solve the fragmentation issues in the Web3 industry.
According to a press release dated February 26, SevenX, Figment, and Nomad Capital supported the $27 million seed round and additional angel investors, among other notable venture capital firms.
The funds will be utilized to advance the firm’s three fundamental products, referred to as the Avail Trinity: the Fusion security layer, the Data Availability (DA) layer, and the Nexus unification layer. This will aid in the acceleration of the Web3 unification.
According to Joey Krug, a Founders Fund partner, Avail’s modular blockchain infrastructure may increase interoperability within the Web3 ecosystem. His writing was:
“[Avail’s] stellar team, tech stack, and emerging ecosystem are enabling a more modular design space for projects to build on their infra. By decoupling the different layers of the blockchain, Avail unlocks orders of magnitude scalability improvements and helps solve the current fragmentation issues in the space.”
Similar Web3 unification frameworks will gain importance, according to Anurag Arjun, co-founder of Avail, as blockchain scaling becomes more dependent on layer-2 rollups. Arjun composed:
“Rollup tooling will reach a level of maturity where deploying an application-specific rollup will be as straightforward as deploying a smart contract at present.” “In a world with tens of thousands or even thousands of chains, they will need to communicate invisibly; otherwise, user experience (UX) fragmentation will be catastrophic.”
The weekly increase in the total value locked (TVL) in L2 rollups from the previous week to $24.93 billion was 8.76%. L2beat reports that Arbitrum One is the largest of these protocols, comprising more than fifty percent of the value held in rollups, with a TVL of $12.98 billion.
In 2021, Polygon Labs introduced Avail; however, the subsidiary subsequently emerged as an independent undertaking. Avail introduced an Ethereum testnet bridge in July 2023, facilitating the development of “validiums,” inexpensive layer two nodes that do not retain complete transaction data on the primary network. Former Polygon research lead Prabal Banerjee and former Polygon co-founder Anurag Arjun lead Avail.
