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Ethereum Layer 2 developer StarkWare valued at $8 billion after $100 million raise
StarkWare Quadruples Valuation in Six Months Investors Bet Big on Layer 2 Solutions StarkWare Industries, developer of Layer 2 scaling solutions for Ethereum (ETH), announced that it has raised $100 million, increasing its valuation from $2 billion to $8 billion. Six months ago, StarkWare raised $50 million in a Series C funding round led by Sequoia Capital. The Series D was led by venture capital firm Greenoaks Capital and investment management firm Coatue. Tiger Global and other unnamed investors also participated. According to the company, there is also a secondary transaction to the round in which employees...
Ethereum Layer 2 developer StarkWare valued at $8 billion after $100 million raise
- StarkWare vervierfacht Bewertung in sechs Monaten
- Investoren setzen stark auf Layer-2-Lösungen
StarkWare Industries, developer of Layer 2 scaling solutions for Ethereum (ETH), announced that it raised $100 million, increasing its valuation from $2 billion to $8 billion. Six months ago, StarkWare raised $50 million in a Series C funding round led by Sequoia Capital.
The Series D was led by venture capital firm Greenoaks Capital and investment management firm Coatue. Tiger Global and other unnamed investors also participated. According to the company, there is also a secondary transaction to the round in which employees sell their shares.
StarWare's latest funding comes amid a bear market and follows the crash of cryptocurrencies LUNA and TerraUSD (UST). Still, StarkWare co-founder and CEO Uri Kolodny said the raise was “a vote of confidence” in StarkWare’s tech stack.
StarkWare has established itself as a prominent Ethereum Layer 2 scaling protocol and relies on its STARKs technology to reduce the amount of information sent to the Ethereum blockchain and reduce blockchain congestion.
It recently launched its StarkNet Alpha 2 scaling solution. As a permissionless validity rollup or zero-knowledge rollup, StarkNet uses fundamental compression technology to increase the production and security benefits of Ethereum Layer-1 (L1).
According to Kolodny's partner Eli Ben-Sasson, co-founder and president of StarkWare, the goal is to make blockchain apps as widespread as smartphone apps. “Anyone who has ever built a website can use StarkNet to create a blockchain app that will be part of the Web3 revolution and pioneer new and exciting applications for blockchain,” said Ben-Sasson.
StarkWare's scaling engine, StarkEx, compresses transactions through STARKs before adding them to the Ethereum blockchain network. About half a trillion dollars was reportedly traded on StarkEx.
For example, gaming company Immutable X has been using StarkEx to mint its NFTs on Ethereum for two years. The StarkEx engine increased throughput and reduced gas costs associated with NFT minting for their Gods Unchained blockchain game.
Immutable X announced on Wednesday that it will integrate building on the StarkNet protocol to become a cross-rollup liquidity platform for NFTs. This will allow players to directly trade any asset matched across multiple Ethereum Layer 2 and Layer 3 rollups and facilitate projects migrating from L1 smart contract based games to Immutable immediately.
Post-Ethereum Layer 2 developer StarkWare valued at $8 billion after $100 million raise is not financial advice.