Ethereum
Ethereum Bridge router protocol wants to build its own L1 with strategic funding
Ethereum and BNB blockchain bridge router protocol just closed an oversubscribed funding round to expand the bridge to more networks.
Router protocol, a modular cross-chain framework for building interoperable applications. By connecting different blockchain ecosystems, bridges play a crucial role in creating a more cohesive and streamlined network.
It was spear in 2022 on the Polygon and BSC channels with the aim of making life easier for future Web3 users.
Router Protocol said in a press release that it recently raised more funds than expected to continue development, but did not disclose exactly how much. The investment made from this raise will be used to power its own fully operational layer 1 blockchain, breaking away from the Binance and Polygon ecosystem.
“Router Chain embodies the evolution of our unwavering vision to build the universal interconnectivity layer between fragmented L1/L2 networks,” said Ramani Ramachandran, CEO of Router Protocol, in a press release.
The goal, he added, is to eliminate complexity.
The team is “focused on providing a seamless and intuitive user and developer experience for multi-chain applications,” he added.
According to Shubham Singh, CTO of Router Protocol, the ecosystem has seen tremendous growth with cross-chain projects like FolioX and StakeEase deciding to take advantage of the protocol’s unique features to make a name for themselves.
In another development, Router Protocol has achieved a major milestone with the successful launch of Router Nitro. This cross-chain bridge leverages an innovative reverse verification method to deliver speed and energy efficiency.
Since its launch, the Nitro Bridge has generated over $350 million in volume, processed over 650,000 transactions, and attracted nearly 300,000 unique users in four months.
This highlights the growing demand for seamless cross-chain interactions.
The Protocol will soon launch an ecosystem grant for projects with future prospects that leverage the router chain.
Edited by Stacy Elliott.