Essential Lands $11M to Enhance Ethereum's Capabilities with Layer-2 Solution
CryptoNewsTerminal Staff13 Aug, 2024
Essential Lands $11M to Enhance Ethereum's Capabilities with Layer-2 Solution
Essential, an Ethereum layer-2 protocol, has secured $11 million in Series A funding to advance its intent-based architecture. The funding round was spearheaded by Archetype and included participation from notable investors such as IOSG Ventures, Spartan Group, Mirana Ventures, Amber Group, Maven 11, and Big Brain Holdings. Essential aims to address the challenges of scalability and transaction costs associated with the Ethereum network. By introducing an intent-based layer, Essential enables developers to create applications that can efficiently process complex transactions off-chain, significantly reducing gas fees and latency. This funding will fuel the development of Essential's technology and accelerate its integration with the Ethereum ecosystem. With the increasing adoption of decentralized applications and the growing demand for efficient blockchain solutions, Essential's Layer-2 protocol is well-positioned to play a crucial role in scaling Ethereum and enhancing its capabilities.
