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Caldera Raises $15M to Help Developers Scale Their Own Blockchain Networks
Calderaa Web3 infrastructure platform that helps developers deploy Ethereum rollups to scale blockchain networks, announced today raised $15 million in a seed funding round.
Today’s Series A funding round was led by Peter Thiel’s Founders Fund with participation from Dragonfly, Sequoia Capital, Arkstream Capital, and Lattice. This latest investment brings Caldera’s total capital raised to $25 million since its founding in 2022.
Many blockchain projects use Ethereum to deploy decentralized applications, which leads to slow and expensive transactions. To solve this problem, Layer 2 blockchain networks, which run on top of primary blockchains like Ethereum, built using rollups, help scale transactions by batching them before sending them to the Ethereum blockchain to speed up transaction speed and reduce costs. This “rollup” of transactions allows them to be sent all at once, reducing transaction times and fees associated with writing them to the primary blockchain or what is called Layer 1.
However, Caldera argues that while many Layer 2 rollup and scaling projects exist, they are plagued by their high costs, slow build processes, and increased risks associated with hiring experts to manage protocol engineering and site reliability. Noting this problem, the company said it wants to address it by providing a “one-click” interface for developers to deploy their own L2 rollup networks on trusted infrastructure that handles ongoing maintenance and security.
To realize this vision, Caldera plans to develop what it calls the Metalayer Network, a suite of Web3 tools for customizable, high-performance, application-specific rollups. The project brings together the leading Ethereum blockchain scaling frameworks, including Arbitrum Nitro, Optimism’s OP Stack, ZKsync’s ZK Stack, and Polygon CDK, so developers can more easily choose their rollup protocol.
“Revolutionizing rollup implementation is the next step in achieving a truly scalable and decentralized blockchain ecosystem,” said CEO Matt Katz. “As we build and grow Caldera to become the leading rollup ecosystem, we’ve identified exciting new gaps in the space that we plan to fill with Metalayer. Our goal is to unify the Ethereum ecosystem by providing seamless interoperability between rollup frameworks.”
Caldera claims to currently support over 50 rollouts with over 1.7 unique wallets holding over $800 million in total value locked and has overseen the completion of over 59 million transactions. The company has assisted in the creation of notable blockchains such as Manta Pacific, ApeChain, Treasure, Plume Network, Towns, Kinto, RARI Chain, and Zerion’s Zero Network.
By using Multilayer, Caldera said it hopes to increase the adoption of technology projects based on the Ethereum blockchain by giving developers an easy-to-use scaling option that takes the technical burden off their shoulders.
“Caldera is capturing two major markets: large existing projects looking to launch their own rollout, and new teams that may not have the capital or infrastructure to manually launch their own chain from scratch,” said Joey Krug, partner at Founders Fund. “As the crypto space has evolved, it is now mature enough to support developers who can choose their own modular stack, just as the web has evolved from a monolithic infrastructure to more modular cloud-based services.”
Katz said the new funding will be used to focus on Multilayer’s development, aiming to help developers expand their blockchain application and ecosystem projects and expand the company’s 15-person team to meet customer needs.
Image: The Digital Artist/Pixabay
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