PANews reported on February 26 that according to CoinDesk, modular blockchain Avail announced the completion of a $27 million seed round of financing, led by venture capital firms Founders Fund and Dragonfly. Avail was spun off from Polygon in March 2023 and is led by Polygon co-founder Anurag Arjun. It will use the seed round financing to develop three core products: its data availability solution (DA), Nexus and Fusion.
Avail DA is the first core component, providing data space data for auxiliary "Layer2 networks" or "rollups" designed to process transactions faster and cheaper than base blockchains such as Ethereum. The new DA project is expected to be online in early Q2 2024. Avail Nexus is a "zero-knowledge, credential-based Avail DA coordinated rollup," meaning it will operate as an infrastructure layer that connects different rollups through the Avail ecosystem so they can communicate with each other. It will "serve as a verification hub, unifying a broad collection of rollups within and outside the Avail ecosystem, leveraging Avail DA as a root of trust." The project's "Fusion Security" will take crypto assets such as BTC and ETH and contribute to the security of the Avail ecosystem. According to the company, the first iteration of Nexus is expected to go live in 2024, while Fusion Security will be ready in 2025.