Versatus Labs, a peer-to-peer web service protocol aiming to enhance the transition of Web2 developers into Web3, has successfully raised $2.3 million in a seed funding round. The funding brings the company’s valuation to $50 million and will support the development of the Verastus LASR, the world’s first stateless rollup.
The seed funding round was led by prominent investors in the Web3 industry, including NGC Ventures and Republic Crypto. This demonstrates the confidence and interest in Versatus Labs and its innovative solution.
Originally launched as VRRB Labs in 2020, Versatus Labs has evolved from a layer 1 solution into an Ethereum scaling solution. The company aims to provide users with a seamless experience in decentralized verifiable compute innovation.
The Verastus LASR
The primary focus of the funding round is to extend development on the Verastus LASR. This stateless rollup allows developers to build smart contracts in their preferred language using their preferred tools. By introducing absolute necessary data to be broadcast on the network’s base layer, Versatus Labs enhances scalability while maintaining efficiency and reducing costs associated with Ethereum.
One of the unique features of the Verastus LASR is its flexibility. It can function as a Layer 2 on top of a Layer 1 or a Layer 3 on top of a Layer 2. It can even act as an off-chain execution environment for Layer 1s. This adaptability allows developers to leverage the benefits of the LASR platform across various blockchain networks.
The Verastus LASR opens up a myriad of possibilities for developers. It can be used to build complex and data-intensive smart contracts, enable cross-chain native asset transfers, and facilitate cross-chain contract integrations. The LASR platform empowers developers to create innovative solutions and drive growth in the Web3 ecosystem.
In addition to the funding, Versatus Labs has announced partnerships with industry leaders. EigenLayer, a data availability Web3 firm, will provide ETH staking, validation processes, and an ecosystem for developers. The company has also entered into a strategic partnership with liquid staking platform Stader Labs and Web3 venture Anagram.
Industry leaders have recognized the significance of the Verastus LASR and the accomplishments of Versatus Labs. Joseph Eagan, co-founder of Anagram, commended Andrew Smith, the founder of Versatus Labs, for his relentless focus on building solutions for developers. Eagan described Smith as the “most sober mind in the crypto space” and believes that the LASR solution will solve real problems and drive innovation in the crypto ecosystem.
Sreeram, founder of EigenLayer, emphasized the importance of stateless verification as a key feature for enabling infinite scaling of optimistic rollups. This verification method allows the rollups to sample and verify portions of the state update, ensuring the security of the network while preserving verifiability by regular nodes.
With the successful seed round funding, Versatus Labs is well-positioned to further develop the Verastus LASR and bring it to the masses. The innovative stateless rollup offers developers a seamless and efficient experience in building smart contracts and integrating cross-chain functionalities. With partnerships and recognition from industry leaders, Versatus Labs is poised to make a significant impact in the Web3 space and drive the advancement of blockchain technology.