Paving the Way for Blockchain Advancements
In a significant stride, Versatus Labs, a blockchain scaling startup, has successfully raised $2.3 million in a seed funding round for the LASR blockchain scaling, propelling its valuation to an impressive $50 million. Investors, including NGC Ventures, Republic Crypto, and Hyperithm, played pivotal roles in contributing to this funding round. Noteworthy is the fact that it was an equity plus token warrant round, a strategy underscored by Andrew Smith, the founder, and CEO of Versatus.
Seeds of Growth: From February to August
This fundraising initiative commenced in June and reached fruition in August, marking a strategic timeline for Versatus. This seed round follows a $1.4 million pre-seed round in February, culminating in a total funding of $3.7 million. Remarkably, the startup’s trajectory shifted from a Layer 1 blockchain network to its current focus on a blockchain scaling platform due to what Smith describes as a “lack of market demand.”
Elevating Scalability with the ‘Stateless Rollup’ LASR
Versatus is actively engaged in developing a cutting-edge “stateless rollup” known as LASR. Beyond its Ethereum settlement, this rollup chain stands out for its unique approach—it avoids maintaining the entire state or data, ultimately enhancing scalability. Furthermore, a stateless rollup selectively considers “absolutely necessary data,” settling it on the base layer.
Strategic Collaborations and the Road Ahead
Strategic partnerships are at the forefront of Versatus’s growth strategy. Collaborations with Ethereum restaking protocol EigenLayer and liquid staking platform Stader Labs highlight the startup’s commitment to industry collaboration. EigenLayer’s founder, Sreeram Kannan, emphasizes the pivotal role of stateless verifiers, such as Versatus LASR, in Ethereum’s scaling roadmap.
From Alphanet to Mainnet: LASR’s Journey
Currently in the alphanet stage, LASR is poised for launch on the Ethereum testnet in January, with the mainnet launch scheduled for mid-March. This phased approach underscores Versatus’s meticulous planning and commitment to delivering a robust and scalable product.
Entrepreneurial Vision Beyond LASR
Founder Andrew Smith envisions LASR as just the beginning for Versatus. Besides, he plans additional launches that will attract more web2 developers into the web3 space. Despite maintaining ties with his first startup OWL ESG, Smith’s primary focus remains on driving blockchain scalability innovations with the lean, dedicated team of 15 at Versatus.
