Shardeum Secures $5.4 Million in Strategic Funding, Gears Up for Mainnet Launch

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Shardeum, a highly-scalable layer-1 blockchain network, has successfully raised $5.4 million in a strategic funding round from prominent investors. Shardeum, a highly-scalable layer-1 blockchain network, has successfully raised $5.4 million in a strategic funding round from prominent investors. Its new gigantic backers include Amber Group, Galxe, J17 Capital, JSquare, TRGC, and others. This fresh infusion of capital will be utilised to support the growth of Shardeum’s ecosystem as it approaches the eagerly anticipated mainnet launch. Lower Cost, Higher Productivity Shardeum was established in 2022. It uses dynamic state sharding. This helps to keep gas fees low and increase transactions per second. The network grows as well. To date (as of July 7, 2023), the testnet has witnessed over 7.4 million transactions, with more than 820,000 accounts and over 230,000 deployed contracts. Kelsey McGuire, the Chief Growth Officer at Shardeum, expressed excitement about the successful funding round: “Completing this strategic raise with our key entities puts Shardeum in a favourable position to further our mission of fostering a diverse and global community. Our consensus design and dynamic state sharding enable validator participation irrespective of users’ access to computing resources. This funding allows us to prioritise decentralisation by nurturing a worldwide community through education and other essential initiatives.” Standing on the Shoulders of Massive Players The strategic raise involved participation from various stakeholders, including Amber Group, Galxe, J17 Capital, TRGC, Jsquare, Bware Labs, Tané Labs, Hyperithm Group, Luganodes, Blockchain Ventures Hub, CryptoViet Ventures, Blue7, and more. This latest funding round of $5.4 million follows Shardeum’s successful seed round in October 2022, where it raised $18.2 million at a valuation of $200 million. Notable investors in the seed round included Jane Street, Big Brain Holdings, Struck Crypto, The Spartan Group, Ghaf Capital, DFG, CoinGecko Ventures, and Foresight Ventures. Mainnet Launch on the Horizon Shardeum’s mainnet launch, anticipated later this year, will mark the culmination of its development process. As a highly-scalable EVM-based layer-1 blockchain platform, Shardeum aims to address the blockchain trilemma by providing decentralised, secure, and scalable solutions. A mainnet is a decentralised, functioning digital network that acts as the official foundation for a specific cryptocurrency. Introducing a mainnet is a vital achievement for any blockchain venture, as it indicates that the project is prepared for public utilization and real-life exchanges. Not a New Kid on the Block Although Shardeum is new to the ears of many, the brand is backed by veteran tech leaders who have been working on the company since February of 2022. Shardeum is a highly-scalable EVM-based layer-1 blockchain network that leverages dynamic state sharding to maintain low gas fees and achieve high transactions per second (TPS). By conducting consensus at the transaction level and reducing the computational power required for validator nodes, Shardeum enables greater accessibility and decentralisation. Through dynamic state sharding, Shardeum provides a scalable and secure solution, addressing the challenges of the blockchain trilemma and making decentralisation accessible to all. See also: TSMC weighs AI chip price rises amid shortages.