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Versatus raises another $2.3 million to launch first-ever stateless rollup

Versatus raises another $2.3 million to launch first-ever stateless rollup

In the latest funding round, a peer-to-peer protocol that allows a smooth transition for developers from Web2 to Web3, Versatus Labs, has pooled another $2.3 million in financing toward the launch of the world’s first stateless rollup, bringing its value to $50 million.

Specifically, the help from two of the largest institutional supporters of blockchain tech – NGC Ventures and Republic Crypto – has been critical to Versatus’s success in the funding event and will help introduce the Stateless Rollup product called Versatus LASR, the company said on December 7.

In fact, thanks to the latest round, Versatus has now raised a total of $3.7 million, aided by Jump Crypto, BigBrain Holdings, Taureon Group, Hyperithm, NGC Ventures, and Republic Crypto. Moreover, it has teamed up with data availability service EigenLayer, liquid staking platform Stader Labs, and Web3 venture Anagram.

Stateless rollups

As it happens, the stateless rollup technology allows stateless verification of programming language-agnostic smart contract transactions, and Versatus’s LASR product aims to reduce costs and inefficiencies of the Ethereum (ETH) network, as well as remove the conflicts and centralization of optimistic roll-ups.

Furthermore, it differs from traditional rollups in that it provides a pure execution environment that moves compute off the chain without the duties or costs involved in keeping the state and saving the data, and it can help build complex data and data-intensive smart contracts.

On top of that, it enables native asset transfers between blockchains, cross-chain contract integrations, and much more, all with an aim to assist developers in getting 100x better experience. Indeed, as EigenLayer’s founder Sreeram pointed out:

“Stateless verification is a key feature required to enable infinite scaling of optimistic rollups while preserving verifiability by regular nodes, which can sample and verify portions of the state update.”

In addition, Joseph Eagan, co-founder of Anagram, praised Versatus’s founder, the distributed systems veteran Andrew Smith, as “the most sober mind in the space, unphased by hype cycles or [‘fear, uncertainty, doubt’ (FUD)],” who is on a “mission to solve a real problem” with deep understanding.

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