Interoperability across smart contracts is becoming more important as the crypto market moves towards a multi-blockchain environment.
Given the need for cross-chain programming, t3rn, a fail-safe multichain platform that enables developers to design cross-chain apps easily, announced on November 25 that it had raised $6.5 million in a strategic financing round led by Polychain Capital, as per the information shared with Finbold.
In particular, Blockchange, Lemniscap, D1 Ventures, Huobi Ventures, Figment Capital, Bware Labs, MEXC, Open Process Ventures, NetZero Capital, and many more important angel investors and industry leaders participated in this strategic round.
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Notably, founder and chief technology officer of t3rn, Maciej Baj, has said that multichain will be the “future of Web3.”
“This means that transactions across multiple blockchains can and should be as easy and safe as those on a single chain. t3rn supports this new paradigm in cross-chain programming. This strategic funding round supports the development of our innovative approach to blockchain interoperability.”
Partner at Polychain Capital Ben Perszyk added:
“Interoperability between layer-1 blockchains and the applications built on top of them will help improve efficiency and liquidity across the ecosystem by reducing fractured liquidity pools and increasing composability across different execution environments.”
Need for blockchain and smart contract interoperability
According to Ken Seiff, managing partner of Blockchange, “it’s one thing to say we need interoperability across blockchains and another to actually build it.” He explains t3rn is acting on this idea. Their approach paves the way for a future where smart contracts don’t have to be limited to a single chain or rely on potentially unsafe bridges to function.
t3rn makes it possible to have fail-safe smart contract interoperability using a simple software development kit (SDK), regardless of how many distinct blockchains are being used. And in contrast to bridges, with t3rn there are multi-step transactions that take place across several chains with a single call.
Moreover, t3rn has supported the development of the Polkadot (DOT) ecosystem with interoperable execution and smart contract composability and has been a part of the Substrate Builders Program.
In addition, the protocol states that it has completed its second grant from the Web3 Foundation, which was intended to create further XBI, a new XCM-based standard for the communication of smart contracts.
Finally, at a time when hacks and vulnerabilities hamper multichain solutions, t3rn is committed to developing a solution to become a key component of a safe multichain future.
