Ethereum Bridge Router Protocol to Wants to Build Its Own L1 With Strategic Funding

Ethereum and BNB chain bridge Router Protocol just closed an oversubscribed funding round to extend the bridge to more networks.

Router Protocol, a modular cross-chain framework for building interoperable applications. By connecting different blockchain ecosystems, bridges play a crucial role in creating a more cohesive and streamlined network.

It was launched in 2022 on the Polygon and BSC chains with the objective of making life easier for future Web3 users.

Router Protocol said in a press release that it has recently raised more than expected funds for further development—but didn’t disclose exactly how much. The investment realized from this raise will be used to fuel its own fully operational layer 1 blockchain, thus breaking away from the Binance and Polygon ecosystem.

“Router Chain embodies the evolution of our unwavering vision to build the universal interconnectivity layer between fragmented L1/L2 networks,” Ramani Ramachandran, CEO of Router Protocol, said in a press release.

The goal, he added, is to do away with complexity.

The team is “laser-focused on delivering seamless and intuitive user and developer experience for multi-chain applications,” he added.

According to Shubham Singh, the CTO of Router Protocol, the ecosystem has experienced tremendous growth with cross-chain projects like FolioX and StakeEase, which have decided to take advantage of the Protocol’s unique characteristics to make a name for themselves.

In another development, Router Protocol has achieved a significant milestone with the successful launch of Router Nitro. This cross-chain bridge leverages an innovative reverse-verification method to deliver speed and gas efficiency.

Since its launch, the Nitro bridge has facilitated over $350 million in volume, processed more than 650,000 transactions, and attracted nearly 300,000 unique users within four months.

This underscores the growing demand for seamless cross-chain interactions.

The Protocol will soon launch an Ecosystem Grant for projects with future prospects that build on the Router Chain.

Edited by Stacy Elliott.

Source link

About The Author

Scroll to Top