{"id":53461,"date":"2023-12-07T17:30:40","date_gmt":"2023-12-07T17:30:40","guid":{"rendered":"https:\/\/prosfunds.com\/markets\/crypto\/versatus-labs-raises-2-3-million-to-launch-stateless-rollup\/"},"modified":"2023-12-07T17:30:41","modified_gmt":"2023-12-07T17:30:41","slug":"versatus-labs-raises-2-3-million-to-launch-stateless-rollup","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=53461","title":{"rendered":"Versatus Labs Raises $2.3 Million To Launch Stateless Rollup"},"content":{"rendered":"<div>\n<p><b><i>Versatus Labs raises $2.3 million in seed round funding, bringing its valuation to $50 million.<\/i><\/b><\/p>\n<p><b><i>The funding aims to develop the Verastus LASR, a Stateless Rollup.\u00a0<\/i><\/b><\/p>\n<figure id=\"attachment_140240\" aria-describedby=\"caption-attachment-140240\" style=\"width: 512px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-140240\" class=\"wp-caption-text\">Image: Versatus Labs<\/figcaption><\/figure>\n<p>In an announcement this Wednesday, Verastus Labs, a peer-to-peer web service protocol aiming to enhance the transition of Web2 developers into Web3, confirmed the successful raise of $2.3 million in a seed funding round, bringing the total valuation to $50 million. The investment round was led by key investors in the Web3 industry including NGC Ventures and Republic Crypto.<\/p>\n<p>Launched in 2020 as VRRB Labs, Versatus has transformed from a layer 1 solution into an Ethereum scaling solution providing users with a seamless frontier in decentralized verifiable compute innovation. The latest funding round, however, aims to extend development on the Verastus LASR, the world\u2019s first stateless rollup, enabling developers to build smart contracts in their preferred language, with their preferred tools.<\/p>\n<p>The pre-seed round raised $1.4 million from Jump Crypto, BigBrain Holdings, Taureon Group, and Hyperithm, seeing the company successfully pivoting into a scaling solution. With a total of $3.7 million raised by Verastus Labs in the past year, the team plans to bring the product to the masses.<\/p>\n<p>Similar to traditional rollups, which do not maintain the entire state of transaction data, enhancing scalability, Versatus introduces its LASR (pronounced \u201claser\u201d) platform which only allows \u201cabsolute necessary data\u201d to be broadcast on the network\u2019s base layer. The platform is purely an execution layer, which allows it to be on any layer on the network, without the high costs and inefficiencies associated with Ethereum.<\/p>\n<p>As Smith explains, LASR will settle transactions on the Ethereum base layer, but it also can work with any layer or multiple blockchains.<\/p>\n<p><i>\u201cLASR can be a Layer 2 on top of a Layer 1, or it can be a Layer 3 on top of a Layer 2, and it can be an off-chain execution environment for Layer 1s,\u201d Smith explains. \u201c[It also reduces] the cost and inefficiencies of Ethereum, eliminates the friction and centralization associated with optimistic rollups, all while delivering a 100x better developer experience.\u201d<\/i><\/p>\n<p>LASR can be used to build complex and data-intensive smart contracts, enable cross-chain native asset transfers, cross-chain contract integrations, and much more.<\/p>\n<h2>A flurry of partnerships for Versatus Labs<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>Apart from the capital injection, Versatus Labs also announced its partnerships with EigenLayer, a data availability Web3 firm that provides ETH staking, validation processes on several networks, and an ecosystem for developers. Additionally, the company has also entered a strategic partnership with liquid staking platform Stader Labs, and Web3 venture Anagram.<\/p>\n<p>Joseph Eagan, co-founder of Anagram praised Andrew Smith for his relentless focus on building a solution for developers, claiming he is the \u201cmost sober mind in the crypto space\u201d. He added the new Verstus LASR solution will solve a real problem in the crypto space, taking crypto \u201cfrom the fringes of the tech community and placing it at the center of innovation\u201d<\/p>\n<p>Adding to the compliments of the funding and the stateless rollup, Sreeram, founder of EigenLayer, explained the importance of stateless verification as a \u201ckey feature required to enable infinite scaling of optimistic rollups\u201d while preserving verifiability by regular nodes. This allows the rollups to sample and verify portions of the state update instead of the whole transaction data while maintaining the security of the network.<\/p>\n<p><i>\u201cStateless 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,\u201d Sreeram added.\u00a0<\/i><\/p>\n<p>\u00a0<\/p>\n<p class=\"p1\"><span class=\"s1\"><i>Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of <\/i><i>Cryptonews.com<\/i><i>.<\/i><\/span><\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em>Enter your email for our Free Daily Newsletter<\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span><\/p>\n<div class=\"recaptcha-text\">\n        This site is protected by reCAPTCHA and the Google<br \/>\n        Privacy Policy and<br \/>\n        Terms of Service apply.\n    <\/div>\n<\/div><\/div>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/versatus-labs-raises-2-3-million-to-launch-stateless-rollup.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Versatus Labs raises $2.3 million in seed round funding, bringing its valuation to $50 million. The funding aims to develop the Verastus LASR, a Stateless Rollup.\u00a0 Image: Versatus Labs In an announcement this Wednesday, Verastus Labs, a peer-to-peer web service protocol aiming to enhance the transition of Web2 developers into Web3, confirmed the successful raise [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":53462,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[35],"tags":[],"class_list":{"0":"post-53461","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Versatus Labs Raises $2.3 Million To Launch Stateless Rollup | Prosfunds<\/title>\n<meta name=\"description\" content=\"Versatus Labs raises $2.3 million in seed round funding, bringing its valuation to $50 million. 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