Shardeum is an EVM-based layer-1 blockchain designed for high scalability, employing dynamic state sharding. This innovative approach ensures that gas fees remain affordable and transaction processing speed (TPS) remains high even as the network’s participation continues to expand.
Evolving the Ecosystem
Shardeum has successfully raised $5.4 million in a strategic funding round. Notable contributors to this funding include Amber Group, Galxe, J17 Capital, TRGC, Jsquare, Bware Labs, Tané Labs, Hyperithm Group, Luganodes, Blockchain Ventures Hub, CryptoViet Ventures, and Blue7. This recent achievement adds to the company’s momentum, having previously secured $18.2 million in a seed funding round in October 2022.
The total funding now stands at $23.6 million, indicating growing confidence in Shardeum’s vision and technological innovations in the blockchain and cryptocurrency space. With these resources, Shardeum is well-positioned to advance its ecosystem as it approaches its imminent mainnet launch later this year.
Unveiling Shardeum’s Vision
Established in 2022 by Nischal Shetty, the founder of Wazirx, and Omar Syed, Shardeum represents an EVM-based layer 1 blockchain. The platform leverages innovative sharding techniques to enhance transaction processing capabilities, increasing Transactions Per Second (TPS) with each new node. It achieves this while upholding atomic composability, ensuring low gas fees in perpetuity. Shardeum places a strong emphasis on preserving decentralization and security through dynamic state sharding.
Glad to have more partners onboard to help spread the knowledge of Web3 across India 🇮🇳 https://t.co/3bE3MFL6Gy
— Nischal (Shardeum) 🔼 (@NischalShetty) November 7, 2023
Nischal Shetty, Co-founder, and President at Shardeum, emphasizes the significance of this update as the platform approaches its mainnet launch. The evolving visual identity aligns with Shardeum’s technical advancements, ushering in a new phase of growth in India, the United States, and beyond.
Nischal Shetty – Co-founder and President at Shardeum
According to the company’s reports, the testnet has already witnessed an impressive 7.4 million transactions, involving over 820,000 accounts and the deployment of more than 230,000 contracts.
📢 Sphinx Validator 1.7.2 is live
Update your validator to the latest version as soon as possible!
🚨 Do not update, stop or unstake your validator if status is “active”.
🟢 Best practice is to stop your node and update while status is “waiting-for-network” or “standby”.
— Nischal (Shardeum) 🔼 (@NischalShetty) November 6, 2023
Shardeum’s recent funding achievements signal its commitment to advancing blockchain technology and its ecosystem. The support from both strategic and seed rounds will significantly contribute to the platform’s vision of increased scalability, security, and efficiency in blockchain operations. With its mainnet launch on the horizon, Shardeum aims to further redefine the blockchain landscape.