As a researcher with a background in blockchain technology and a keen interest in the latest developments within the NEAR ecosystem, I’m thrilled to see the announcement of Nuffle Labs’ spin-out from the NEAR Foundation and Pagoda. With my experience following the progress of NEAR DA and NFFL, it’s clear that Nuffle Labs has a unique opportunity to focus on improving and advancing these modular solutions within the NEAR ecosystem.
The NEAR Foundation unveiled that Nuffle Labs, previously known as NEAR Modular, has successfully raised $13 million in investments.
As a NEAR Foundation and Pagoda analyst, I’d describe it this way: I’m part of the team that’s spearheading Nuffle Labs, which is breaking off from both NEAR Foundation and Pagoda. Our primary goal? Enhancing the capabilities of NEAR’s modular network.
The entity was developed by the core team responsible for building the NEAR Data Availability Layer (NEAR DA) and the NEAR Fast Finality Layer (NFFL) at NEAR.
Nuffle Labs to focus on NEAR’s modular solutions
In its quest to expand and foster development within the modular ecosystem, Nuffle Labs intends to offer essential modular solutions to rollups. The company has secured $13 million in funding to support this endeavor.
The infusion of capital comprises a tactical grant issued by the NEAR Foundation, plus significant investments from notable outside sources, with Electric Capital serving as the primary investor.
In addition to the listed investors – Canonical Crypto, Robot Ventures, Fabric Ventures, Caladan, and Lyrik Ventures – also took part in the financing event.
In a recent blog post, the NEAR Foundation announced that Sam Kazemain of Frax Protocol, Sandeep Nailwal of Polygon, and Sreeram Kannan of Eigenlayer are among the prominent angel investors who have supported their initiative.
“Nuffle Labs, the team behind NEAR DA and the NEAR Fast Finality Layer (NFFL), has earned our support at Electric Capital. As the original creators of these innovative products, Nuffle Labs possesses the necessary knowledge to further develop and refine these modular solutions. Consequently, we envision a future where transactions within and between chains are swift, economical, and secure.”
Nuffle Labs intends to utilize the newly acquired funds and additional resources for the progression of both NEAR DA and NFFL. Our team will grow in size, and we will allocate significant investments towards research and development.
According to Altan Tutar, CEO of Nuffle Labs, the project’s founders are thrilled about the prospect of branching out on their own. The financing will enable the team to expand and enhance NEAR’s modular offerings, as per Tutar’s statement.
Nuffle Labs’s other co-founders are Sam Wang, Firat Sertgoz, and Donovan Dall.
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2024-06-13 18:14