Scroll, an Ethereum Layer 2 community that makes use of zk-rollups know-how, raised $50 million in a brand new funding spherical.
Traders within the spherical included Polychain Capital, Sequoia China, Bain Capital Crypto, Moore Capital Administration, Variant Fund, Newman Capital, IOSG Ventures and Qiming Enterprise Companions, Scroll mentioned Monday.
Scroll declined to touch upon the valuation and the construction of the spherical, however a supply with direct information of the matter instructed The Block that the spherical brings Scroll’s valuation to $1.8 billion.
Scroll beforehand raised $33 million in two funding rounds and hadn’t disclosed its valuation then. The brand new spherical brings Scroll’s whole funding up to now to $83 million.
Scroll was based in 2021 with the imaginative and prescient of scaling Ethereum to a billion customers. As a Layer 2 community, Scroll processes transactions off Ethereum by itself community after which ports the transaction knowledge again to Ethereum — serving to improve transaction velocity and cut back prices.
Scroll makes use of zk-rollup know-how for its community, serving to obtain scalability. Scroll’s zkEVM, or zero-knowledge Ethereum digital machine, batches transactions after which generates proof that these transactions are all reputable. This proof is then broadcast to Ethereum, and the transactions get permitted.
Scroll launched its zkEVM on the Goerli testnet final week because it moved out of its pre-alpha testnet part. Traction on the pre-alpha testnet was sturdy, Scroll co-founder Sandy Peng instructed The Block in an interview. It reached a million distinctive addresses and 16 million transactions on pre-alpha, she mentioned. The mainnet is anticipated to launch within the subsequent three to 4 months, Peng added.
Scroll is one in all a number of Ethereum scaling networks that use zk-rollups. Others embrace Polygon, StarkWare and Matter Labs. Peng mentioned Scroll’s three design rules or core values — community-driven, safety first and decentralization at each degree — are its aggressive edge.
With the contemporary capital, Scroll plans to proceed constructing its product, launch its mainnet and develop its ecosystem. To that finish, additionally it is trying to improve its present workforce measurement from round 60 to just about 100 within the close to future, Peng mentioned.