Ethereum Layer 2 Crucial Project Gains $11 Million in Series A Funding, Coordinated by Archetype Ventures
Essential, an innovative Ethereum layer-2 blockchain built as a rollup on Optimism, has announced a successful fundraising round of $16.15 million. The round was led by Archetype, with participation from IOSG Ventures, the Spartan Group, Mirana Ventures, Amber Group, Maven 11, and Big Brain Holdings.
Essential leverages Optimism’s Optimistic Rollup technology to address the scalability challenges of Ethereum. By processing most transactions off-chain, Essential significantly improves scalability through off-chain transaction processing, batching of transactions, security anchored to Ethereum, and lower latency and costs.
How Essential Scales Ethereum
Essential's scalability approach involves batching transactions off-chain, reducing congestion on the Ethereum mainnet. This architecture enables faster transaction finality and reduces fees from dollars to cents, making Ethereum usage more practical for developers and users. Despite executing off-chain, Essential inherits Ethereum’s strong security guarantees by anchoring proofs and transaction summaries to Layer 1.
The Declarative Blockchain Approach
Essential is the first project to build a blockchain using the declarative approach. This approach focuses on users' desired outcomes, offering an intent-based platform. Essential has unveiled Pint, its programming language for developing intent-centric applications.
A Bright Future for Essential
With the new capital raised, Essential will accelerate the development of the first declarative blockchain. Dmitriy Berenzon, Partner at Archetype, commented that Essential will empower developers to build more sophisticated and scalable applications than what is currently possible on virtual machine-based chains.
The planned testnet launch for Pint is scheduled for later this year, with the mainnet rollout planned for 2025. In the competitive landscape of Layer 2 projects, Essential aims to improve on speed, scalability, and user experience.
| Aspect | Description | |------------------------|--------------------------------------------------------| | Blockchain: | Essential, an Ethereum Layer-2 rollup on Optimism | | Technology: | Optimistic Rollup – off-chain processing + proofs on L1| | Scalability Approach: | Batch transactions off-chain, reduce mainnet load | | Benefits: | Higher throughput, lower fees, faster confirmation | | Security Model: | Transactions finalized on Ethereum mainnet |
Essential represents a practical rollout of Ethereum’s vision for Layer-2 scaling via rollups, tackling the persistent challenges of speed and cost without compromising on blockchain security.
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