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 participants 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.
