Modular Celestia rival Avail raises $4 billion from Founders Fund and others

Is the token release coming soon?

Avail, a modular blockchain independent from Polygon, has raised a large new seed round. There are expectations that the token release/airdrop is approaching.

With this round, Avail has raised $27 million (equivalent to $4 billion). The leaders were Founders Fund, an American venture capital co-founded by famous investor Peter Thiel, and Dragonfly, a large VC in the crypto asset (virtual currency) industry, as well as SevenX Ventures, Figment Capital, Nomad Capital, and others. Participated.

Furthermore, Figment Capital is a top institutional investor-level staker in the cryptocurrency staking field. It mainly focuses on staking on Ethereum, Solana, and the modular blockchain Celestia.

Avail's current valuation has not been disclosed, but according to information obtained by cryptocurrency media The Block, the procurement agreement is for a future token release, and Avail's FDV (fully diluted market capitalization) is estimated to be several It is likely to be worth billions of dollars.

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Modular is one of this year's themes

Avail is a modular blockchain that specializes in DA and layer that allows developers to build customizable and scalable applications, putting it in the position of rivals such as Celestia and Lava, which also develop modular technology.

It aims to scale up the entire Ethereum ecosystem by providing DA (data availability) primarily to layer 2 called rollups.

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Avail has three main products. In addition to DA, Nexus and Fusion Security are also being developed. “Nexus leverages Avail's DA as a source of trust to enable a permissionless verification hub that unifies rollups,” said co-founder Anurag Arjun. “This enables us to leverage the native assets of the most mature ecosystem, including Amazon, and provide additional security to the Avail ecosystem.” Fusion Security is similar to the currently popular “restaking”.

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Avail is a project originally founded by Arjun, who is also the co-founder of Polygon (MATIC), and was supported by funds from Polygon Lab until March 2023, but after that, it became independent and received external funding for the release of the mainnet. We carried out the procurement.

A specific launch date for the mainnet has not been disclosed, but once it launches, users who have participated in the testnet so far are expected to receive an airdrop.

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