Polychain Capital Leads $8m Seed Round for Nubit to Revolutionise Blockchain Scalability and Multi-Chain Ecosystems – DL News

Nubit advances blockchain scalability with $12m total funding, integrating major L2 frameworks and supporting multi-chain ecosystems, while pioneering an innovative data availability solution to unlock limitless applications in AI, SocialFi, and GameFi.

This latest round brings Nubit’s total funding to $12m, advancing its mission to develop the most secure and scaleable data availability (DA) layer for multi-chain ecosystems

Nubit has successfully closed an $8m seed funding round, led by Polychain Capital, with participation from Nomad Capital, Spartan Group, L2IV, Big Brain Holdings, GCR, Protagonist, Gate Ventures, Animoca Ventures, Mask Network, and others.

This latest round brings Nubit’s total funding to $12m, advancing its mission to develop the most secure and scaleable data availability (DA) layer for multi-chain ecosystems, supporting limitless applications including artificial intelligence (AI), SocialFi, and GameFi.

“I have known and collaborated with Professor Yu Feng and the Nubit team for a long time. Their historical achievements in Zero-Knowledge (ZK), security, and blockchain give me confidence that their innovative DA solution can unlock numerous application possibilities across various sectors,” said Luke Pearson, senior research cryptographer at Polychain Capital.

Founded by Feng, a computer science professor at University of California, Santa Barbara, Nubit draws on a decade of research to advance blockchain scalability. Nubit leverages Bitcoin’s economic security and optimises key metrics such as fraud detection methods, attestation security, and accessibility with ZK technology.

This allows it to ensure unparalleled trust and reliability, while achieving scalability through a high-performance consensus algorithm and innovative data structures like the Kate-Zaverucha-Goldberg (KZG)-based Namespaced Merkle Tree.

As the crypto landscape evolves, enabling unlimited innovations with the most secure and scaleable DA layer is crucial next step. Bitcoin’s block space is preferred by users due to its unparalleled security, however, limited space and high costs makes it an impractical solution.

Nubit addresses this challenge by leveraging Bitcoin’s economic security to provide an innovative DA layer that ensures both security and scalability. It brings Bitcoin-level security to various applications and infrastructures, effectively bridging the gap between Bitcoin-native solutions and the broader multi-chain ecosystem.

Debuting as a leader in Bitcoin Season 2, Nubit has integrated major players such as Babylon, BounceBit, Unisat, and Merlin Chain.

In April 2024, Nubit launched its Pre-Alpha Testnet, engaging 155,115 users, deploying 5294 modular services, and processing 561,862 transactions

Furthermore, to address the insecure execution layer in the Bitcoin ecosystem, Nubit is committed to developing a programmable, modular, and trustless execution layer for meta-protocols like BRC-20 and Runes. The academic paper “Stateless and Verifiable Execution Layer for Meta-Protocols on Bitcoin” lays the foundation for new possibilities in the Bitcoin ecosystem.

Beyond the Bitcoin ecosystem, Nubit recently extended its support to all major L2 frameworks, including Polygon Chain Development Kit (CDK), OP Stack, Arbitrum Orbit, and Scroll, making it a universally applicable DA solution. As Nubit expands, its strategy now includes a broader scope, focusing on unlocking new possibilities for AI and Machine Learning, as well as on-chain gaming across multi-chain ecosystems.

In April 2024, Nubit launched its Pre-Alpha Testnet, engaging 155,115 users, deploying 5294 modular services, and processing 561,862 transactions. The team will launch the Alpha Testnet in June, the final phase before the mainnet launch later in 2024.