Radius raises $1.7 million in pre-seed funding
Blockchain company Radius has announced that it has raised $1.7 million in pre-seed investment.
In a press release shared with Coinjournal, Radius revealed that the funding round was led by Hashed, with participation from Superscrypt, Lambdaclass (Ergodic Fund), and Crypto.com.
Radius is set to use the funds to develop a trustless shared sequencing layer. According to the Radius team, Shared Sequencing Layer will properly decentralise the operations of rollups.
The company seeks to provide economical and sustainable solutions for Rollups. This would ensure that Rollups users are protected from harmful Miner Extractable Value (MEV).
Radius will achieve this objective using an innovative zk scheme known as Practical Verifiable Delay Encryption (PVDE). The shared sequencing layer with PVDE ensures that users are protected from harmful MEV in a truly trustless way, while still maximizing revenue for Rollups.
Radius announces a partnership with Saga
While commenting on this latest cryptocurrency news, AJ Ji Hoon Park, said;
“Radius is committed to setting the standard for a trustless shared sequencing layer that not only maximizes revenue for Rollups but also safeguards users from the harmful effects of MEV. This funding will propel us forward in achieving our goals and redefining the boundaries of what is possible in the blockchain sphere.”
Radius recently announced a partnership with Saga, the Rollup-as-a-Service platform, while also joining the Celestia Ecosystem. The partnership is designed to drive further advancements in the roll-up technology and enhance the security of the blockchain ecosystem.
Furthermore, Radius said it is currently developing an MEV-Resistant Decentralized Exchange, known as 360. The new DEX is powered by Radius’ shared sequencing layer and is designed to significantly enhance the user experience and security in the DeFi space.
Radius is a blockchain technology company pioneering a trustless shared sequencing layer that offers an economical and sustainable solution for Rollups and protects their users from harmful MEV.
Radius aims to revolutionise the Rollup space and contribute to the broader adoption of blockchain technology. Radius will launch an alpha version of its sequencing layer in Q1 of 2024.