Shardeum Raises $5.4 Million in Strategic Funding to Propel Ecosystem Growth

Shardeum, a highly-scalable EVM-based layer-1 blockchain, has successfully closed a strategic funding round, raising an impressive $5.4 million. The investment comes from leading participants such as Amber Group, Galxe, J17 Capital, JSquare, and TRGC, among others. This substantial funding will play a pivotal role in supporting the growth of Shardeum’s ecosystem, leading up to the highly anticipated mainnet launch scheduled later this year.

Empowering High Performance through Dynamic State Sharding

Founded in 2022, Shardeum employs innovative technology that sets it apart from traditional blockchains. By utilizing dynamic state sharding, Shardeum keeps gas fees low and significantly increases transaction throughput as the network expands. This scalability ensures that as participation grows, the blockchain remains efficient, enabling seamless user experiences and fostering widespread adoption.

Impressive Testnet Achievements

As of July 7, 2023, Shardeum’s testnet has already witnessed over 7.4 million transactions, demonstrating the robustness and effectiveness of the platform. With more than 820,000 active accounts and over 230,000 deployed contracts, Shardeum’s network has proven its capabilities in handling a significant volume of activity. These impressive numbers serve as a testament to the platform’s readiness for the forthcoming mainnet launch.

Enabling Accessibility and Decentralization

Kelsey McGuire, the chief growth officer at Shardeum, emphasized the significance of the strategic raise and its impact on the project’s overarching mission. With Shardeum’s consensus design and the use of dynamic state sharding, the platform ensures that validator participation is accessible to users, irrespective of their computing resources. This approach fosters inclusivity and decentralization, aligning with Shardeum’s vision to create a global and diverse community.

Leveraging the funding for Global Expansion

The recent strategic raise reinforces Shardeum’s commitment to decentralization and community building. By utilizing the newly acquired funds, Shardeum aims to expand its community worldwide through various initiatives, including education and other key programs. This investment will enable the project to prioritize decentralization, bringing together a diverse group of participants who are passionate about the blockchain’s potential.

Prominent Participants in the Strategic Raise

In addition to Amber Group, Galxe, J17 Capital, JSquare, and TRGC, the $5.4 million strategic raise attracted significant interest from other notable participants. These include Bware Labs, Tané Labs, Hyperithm Group, Luganodes, Blockchain Ventures Hub, CryptoViet Ventures, Blue7, and more. The involvement of these influential investors demonstrates the confidence and belief in Shardeum’s innovative approach and the potential it holds for disrupting the blockchain industry.

Continued Success and Previous Funding

This recent strategic raise follows Shardeum’s successful seed round in October 2022, where the project raised an impressive $18.2 million. Notable backers in the seed round included prominent investors such as Jane Street, Big Brain Holdings, Struck Crypto, The Spartan Group, Ghaf Capital, DFG, CoinGecko Ventures, and Foresight Ventures. The substantial funding secured thus far underscores the industry’s recognition of Shardeum’s unique value proposition and its potential to revolutionize blockchain technology.

Conclusion

With its successful $5.4 million strategic funding round, Shardeum is poised to continue its journey toward building a scalable and efficient blockchain ecosystem. The support from prominent investors allows Shardeum to amplify its mission of fostering inclusivity, accessibility, and decentralization. As the mainnet launch approaches, the project is set to make a significant impact on the blockchain industry, offering a high-performance solution for users worldwide.

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Source: blockchaintechnology-news.com