Versatus Labs Raises $2.3M to Bring World’s First Stateless Rollup

Coinspeaker
Versatus Labs Raises $2.3M to Bring World’s First Stateless Rollup

On Wednesday, December 6, peer-to-peer web services protocol Versatus Labs announced its successful fundraising of $2.3 million with key investors being Republic Crypto and NGC Ventures. The fundraise happens at the company’s valuation of $50 million. Also, it will help the Versatus Labs launch Versatus LASR, the world’s first Stateless Rollup. 

Versatus has successfully secured a cumulative funding of $3.7 million, receiving support from notable backers such as Jump Crypto, BigBrain Holdings, NGC Ventures, Republic Crypto, Taureon Group, and Hyperithm. The platform has established strategic partnerships with EigenLayer, a data availability service, Stader Labs, a liquid staking platform, and Anagram, a Web3 venture.

Versatus, established by Andrew Smith, a veteran of Distributed Systems, is breaking new ground in decentralized verifiable compute innovation. The platform facilitates a smooth transition for developers from Web2 to Web3, providing unmatched speed and cost-efficiency without compromising security and ensuring broad decentralization.

Developers can leverage Versatus to utilize familiar tools and frameworks for various processes such as prototyping, optimizing, DevOps, testing, and deployment,  thus ensuring a seamless shift from Web2 to Web3.

Positioned to engage 20 million developers globally, Versatus is poised to trigger a significant surge in the Web3 ecosystem.

About Versatus LASR

Diverging from conventional rollups, Versatus LASR represents a pure execution environment that relocates compute processes off-chain without the inherent responsibilities or expenses tied to maintaining state and storing data. This innovative technology facilitates the creation of intricate and data-intensive smart contracts, supports cross-chain native asset transfers, enables cross-chain contract integrations, and also offers various other applications.

Versatus LASR, the stateless roll-up solution, also introduces a transformative approach by enabling stateless verification of smart contract transactions across different programming languages. In essence, Versatus LASR also addresses the cost and inefficiency issues within Ethereum, eliminates the challenges associated with optimistic roll-ups, and enhances the developer experience by a factor of 100x.

“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. Stateless verifiers are a key milestone in the future of the Ethereum scaling roadmap and we are excited to partner with Versatus to bring this key unlock to the modular Ethereum landscape,” said Sreeram, founder of EigenLayer, speaking on the development.

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Versatus Labs Raises $2.3M to Bring World’s First Stateless Rollup

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