According to BlockBeats, on October 17, Hyve, a blockchain DA provider supported by the re-staking protocol Symbiotic, completed a pre-seed round of financing of US$1.85 million. This round of financing was led by Lemniscap, with participation from other investors such as Paper Ventures and Frachtis.

Hyve is responding to the growing demand for secure, scalable, and cost-effective data availability, especially following the rapid increase in decentralized applications (dApps) and layer 2 (L2) solutions.

Hyve’s signature solution, HyveDA, is a fully permissionless data availability layer starting at 1 GB/s throughput with a goal of dramatically increasing this throughput to 50+ GB/s as the network grows.