Quai Network, a programmable proof-of-work layer-1 blockchain, has secured $5 million in a strategic funding round with participation from Cogitent Ventures, MH Ventures, TPC Ventures, Giga Chad Ventures, and DexCheck Ventures. This brings the total funds raised to $15 million, following a previous $10 million round from Polychain Capital and Alumni Ventures.

The EVM-compatible network recently launched its Mainnet-compatible Devnet, which precedes its fourth testnet and introduces workshares, UTXO transactions, and dynamic sharding. The new capital will be used to accelerate network development, expand the team, and boost ecosystem growth.

Quai Network aims to address scalability and security challenges in multi-chain systems, supporting up to 50,000 transactions per second. The Devnet provides developers with necessary tooling and infrastructure, reinforcing Quai's position as a leader in decentralized ecosystems.