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Ethereum scaling startup Versatus Labs secures another $2.3m in seed round

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Ethereum scaling startup Versatus Labs secures another $2.3m in seed round

Versatus Labs, a blockchain scaling startup currently focused on Ethereum (ETH), has secured an additional $2.3 million in funding toward the launch of the world’s first stateless rollup, bringing its value to $50 million.

This latest funding round included contributions from NGC Ventures and Republic Crypto, two significant players in the blockchain technology sector.

The company’s total funding now stands at $3.7 million, with investments from a variety of sources, including Jump Crypto, BigBrain Holdings, Taureon Group, Hyperithm, NGC Ventures, and Republic Crypto. This funding is primarily directed towards the launch of Versatus LASR, a new product designed to facilitate the transition from web2 to web3 for developers.

Versatus has also established partnerships with EigenLayer, a data availability service, Stader Labs, a liquid staking platform, and Anagram, a web3 venture.

Developing a ‘stateless rollup’

The core of Versatus’s offering is its stateless rollup technology, which is intended to provide a more efficient method for verifying smart contract transactions, irrespective of the programming language used.

The product is designed to address some of the existing challenges in the Ethereum network, such as high costs and inefficiencies, and aims to offer an alternative to the centralization issues found in optimistic rollups.

Versatus’s stateless rollup differs from traditional rollups by offering an execution environment that operates off-chain, reducing the need to maintain state and data storage. This approach is expected to be beneficial for the development of complex and data-heavy smart contracts.

Additionally, the technology facilitates asset transfers between blockchains and cross-chain contract integrations. Sreeram, the founder of EigenLayer, notes that stateless verification is crucial for the scalable expansion of optimistic rollups, allowing nodes to sample and verify parts of the state update.

With its latest funding round, Versatus Labs aims to contribute to the evolving blockchain landscape, focusing on improving the developer experience in the web3 domain.