Ethereum scaling solution t1 protocol raises $2.5 million in funding
CryptoNewsTerminal Staff09 Sep, 2024
Ethereum scaling solution t1 protocol raises $2.5 million in funding
Ethereum scaling solution t1 protocol announced today that it has raised $2.5 million in a pre-seed round led by a16z crypto, with participation from angel investors including CSX, Espresso, Frax, CowSwap, ETH Global, ENSO, and Injective. The funds will be used to further develop t1 protocol's technology and expand its team. t1 protocol is a layer-2 scaling solution that uses optimistic rollups to increase the transaction throughput of the Ethereum network. Optimistic rollups are a type of layer-2 scaling solution that assumes that all transactions are valid and only challenges them if they are found to be fraudulent. This allows for a significant increase in transaction throughput compared to traditional proof-of-work blockchains. t1 protocol is one of a number of layer-2 scaling solutions that are being developed to address the scalability challenges of the Ethereum network. Other popular layer-2 solutions include the Polygon Network, Arbitrum, and Optimism. The funding round is a sign of the growing interest in layer-2 scaling solutions. As the Ethereum network continues to grow, the need for scalable solutions will only increase. t1 protocol is well-positioned to take advantage of this growing demand.
