Get updates delivered to you daily. Free and customizable.
CoinDesk
Blockchain Startup Rome Raises $9M to Serve Ethereum Layer-2s Through Solana
By Bradley Keoun,
2024-07-09
Rome, a crypto startup project aiming to use Solana as an auxiliary network to provide services to layer-2 blockchains built atop Ethereum, emerged from stealth and announced it has raised $9 million of funding from top-tier investors.
The financing was provided by Hack VC, Polygon Ventures, HashKey, Portal Ventures, Bankless Ventures, Robot VC, LBank, Anagram, TRGC, Perridon Ventures, as well as notable angels including Anatoly Yakovenko, Nick White, Santiago Santos, Comfy Capital, Austin Federa, Jason Yanowitz, according to a press release shared first with CoinDesk.
A sequencer is the component of a layer-2 blockchain that batches up transactions and sends them to the base Ethereum blockchain to be settled, and some experts say these sequencers need to be decentralized to eliminate what can be single points of failure. A DA project is designed to store the reams of transactional data generated by Ethereum layer-2s, and to do so at a lower cost than what it takes to put the data onto the main Ethereum chain.
"The main thing is, a shared sequencer needs to be its own chain, and it takes a lot of time, a lot of effort to do that, so we were looking for what chain we should use," Kumar said in an interview with CoinDesk. "If we look at Solana as a state machine, it is the best state chain, in comparison to Bitcoin, Cosmos, Ethereum."
The project also aims to allow "atomic transactions" between Ethereum layer-2 networks, Kumar said. This is where multiple legs of a transaction are made on different blockchains. If any part of the transaction fails, none of it goes through, and the user is only out the cost of a Solana transaction, which is typically very low, he said.
Rome joins the fray with other crypto projects that are working to develop shared sequencers or DA – part of the broader trend of "modular" blockchains where certain functions previously handled exclusively by the main Ethereum chain are unbundled and handled instead by alternative projects.
Another project, Avail is using its own network for DA, and disclosed in April that there are plans for it to be integrated as an option into five Ethereum layer-2s including Arbitrum, Optimism, Polygon, StarkWare and zkSync.
Rome says a closed network will be open to developers starting this month, with plans for a test network at the end of 2024 and a main network launch in mid-2025.
Get updates delivered to you daily. Free and customizable.
It’s essential to note our commitment to transparency:
Our Terms of Use acknowledge that our services may not always be error-free, and our Community Standards emphasize our discretion in enforcing policies. As a platform hosting over 100,000 pieces of content published daily, we cannot pre-vet content, but we strive to foster a dynamic environment for free expression and robust discourse through safety guardrails of human and AI moderation.
Comments / 0