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

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.

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