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Polychain Capital Leads $8M Seed Round for Nubit to Revolutionize Blockchain Scalability and Multi-Chain Ecosystems – DL News
Nubit advances blockchain scalability with $12 million in total funding, integrating leading L2 frameworks and supporting multi-chain ecosystems, pioneering an innovative data availability solution to unlock unlimited applications in AI, SocialFi and GameFi.
This latest round brings Nubit’s total funding to $12 million, furthering its mission to develop the most secure and scalable data availability (DA) layer for multi-chain ecosystems
Nubit successfully closed an $8 million seed funding round, led by Polychain Capital, with participation from Nomad Capital, Spartan Group, L2IV, Big Brain Holdings, GCR, Protagonist, Gate Ventures, Animoca Ventures, Mask Network and others.
This latest round brings Nubit’s total funding to $12 million, furthering its mission to develop the most secure and scalable data availability (DA) layer for multi-chain ecosystems, supporting limitless applications including artificial intelligence ( AI), SocialFi and GameFi.
“I have known and collaborated with Professor Yu Feng and the Nubit team for a long time. Their historic achievements in Zero-Knowledge (ZK), security and blockchain give me confidence that their innovative DA solution can unlock numerous application possibilities across various industries,” said Luke Pearson, senior research cryptographer at Polychain Capital.
Founded by Feng, a computer science professor at the University of California, Santa Barbara, Nubit draws on a decade of research to advance blockchain scalability. Nubit leverages the economic security of Bitcoin and optimizes key parameters such as fraud detection methods, claims security, and accessibility with ZK technology.
This allows it to deliver unprecedented trust and reliability, while achieving scalability through a high-performance consensus algorithm and innovative data structures such as the Kate-Zaverucha-Goldberg (KZG)-based Namespaced Merkle Tree.
As the crypto landscape evolves, enabling limitless innovations with the most secure and scalable DA layer is the next crucial step. Bitcoin block space is preferred by users for its unmatched security, however, limited space and high costs make it an impractical solution.
Nubit addresses this challenge by leveraging the economic security of Bitcoin to provide an innovative DA layer that provides both security and scalability. It brings Bitcoin-level security to various applications and infrastructures, effectively bridging the gap between native Bitcoin solutions and the broader multi-chain ecosystem.
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Debuting as a leader in Bitcoin Season 2, Nubit has integrated major players such as Babylon, BounceBit, Unisat, and Merlin Chain.
In April 2024, Nubit launched its Pre-Alpha Testnet, engaging 155,115 users, deploying 5294 modular services and processing 561,862 transactions
Furthermore, to address the insecure execution layer in the Bitcoin ecosystem, Nubit is committed to developing a programmable, modular, and reliable execution layer for meta-protocols such as BRC-20 and Runes. The academic paper “Stateless and Verifying Execution Layer for Meta-Protocols on Bitcoin” lays the foundation for new possibilities in the Bitcoin ecosystem.
In addition to the Bitcoin ecosystem, Nubit recently extended its support to all major L2 frameworks, including Polygon Chain Development Kit (CDK), OP Stack, Arbitrum Orbit, and Scroll, making it a universally applicable DA solution. As Nubit expands, its strategy now includes a broader scope, focusing on unlocking new possibilities for artificial intelligence and machine learning, as well as on-chain gaming through multi-chain ecosystems.
In April 2024, Nubit launched its Pre-Alpha Testnet, engaging 155,115 users, deploying 5294 modular services, and processing 561,862 transactions. The team will launch Alpha Testnet in June, the final phase before the mainnet launch later in 2024.