Friday, September 22, 2023
HomeImmutableXEthereum Layer-2 Developer StarkWare Valued at $8B Following $100M Raise

Ethereum Layer-2 Developer StarkWare Valued at $8B Following $100M Raise

  • StarkWare quadruples ratings in 6 months
  • Investors make big bets on Layer 2 solutions

StarkWare Industries, Ethereum (ETH) Layer 2 Scaling Solution Developer, publication Raised $ 100 million and raised its valuation from $ 2 billion to $ 8 billion. 6 months ago, StarkWare Raised $ 50 million in a Series C funding round led by Sequoia Capital.

Series D was led by venture capital firm Greenoaks Capital and investment management firm Coatue. Tiger Global and other private investors also participated. According to the company, the round also includes a secondary transaction in which employees sell shares.

StarWare’s latest funding is in the middle of the bear market, following the crash of LUNA and TerraUSD (UST) cryptocurrencies. Nonetheless, StarkWare co-founder and CEO Uri Kolodny said the increase was a “vote of trust” for StarkWare’s technology stack.

StarkWare has established itself as a well-known Ethereum Layer 2 scaling protocol and relies on its STARK technology to reduce the amount of information sent to the Ethereum blockchain and alleviate blockchain congestion. I am.

We recently announced the StarkNet Alpha2 scaling solution. As an unauthorized effectiveness rollup, or a zero-knowledge rollup, StarkNet uses basic compression technology to enhance the production and security benefits of Ethereum Layer 1 (L1).

According to Eli Ben-Sasson, co-founder and president of Kolodny’s partner StarkWare, the goal is to make blockchain apps as mainstream as smartphone apps. “Anyone who has ever built a website can use StarkNet to build blockchain apps that will be part of the Web3 revolution, opening up new and exciting uses for blockchain,” Bensasson said. I am saying.

StarkWare’s scaling engine, StarkEx, compresses transactions through STARK and then adds them to the Ethereum blockchain network. StarkEx is reportedly trading about $ 5 trillion.

For example, gaming company Immutable X has been using StarkEx to create NFTs on Ethereum for the past two years. The StarkEx engine has reduced gas costs by scaling up the throughput associated with NFT mining for Gods Unchained blockchain games.

Immutable X publication On Wednesday, we plan to integrate the construction based on the StarkNet protocol to become NFT’s cross-rollup liquidity platform. This will allow players to trade matching assets directly across multiple Ethereum Layer 2 and Layer 3 rollups, facilitating projects that make an immediate transition from L1 smart contract-based games to Immutables.

  • Ornella Hernandez



    Ornella is a Miami-based multimedia journalist covering NFTs, Metaverse and DeFi. Prior to joining Blockworks, she reported to Cointelegraph and worked on television stations such as CNBC and Telemundo. She originally started investing in Ethereum after hearing about Ethereum from her father, but she never looked back. She speaks English, Spanish, French and Italian. Contact Ornella [email protected]

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