Venture Capital Firm Polychain Capital Tops $8 Million Investment in Ethereum Layer 2 Developer Fluent Labs
In a recent funding round led by Polychain Capital, Fluent Labs has secured $8 million to develop an innovative Ethereum Layer 2 (L2) project. The aim is to create an extended execution network that combines WebAssembly (WASM), Ethereum Virtual Machine (EVM), and Solana Virtual Machine (SVM) capabilities.
This integration will enable developers to build cross-chain decentralized applications (dApps) without the usual compatibility issues between different blockchain environments. The new L2 will allow users to access applications from different virtual machine ecosystems in the same place, without the need to switch wallets.
Fluent Labs' hybrid execution environment will leverage the strengths of these three virtual machines, unifying execution semantics and allowing smart contracts or dApps to operate seamlessly across multiple blockchains. This approach facilitates scalability, composability, and ease of development for Web3 applications in a heterogeneous blockchain ecosystem.
The funding will be used to accelerate the development of the L2, expand the team, particularly in the engineering department, and address the limitations of current blockchain execution environments. Fluent Labs intends to enable true cross-VM composability, fundamentally transforming user experience in cross-VM interactions.
Notable participants in the fundraising include Primitive, dao5, Symbolic Capital, Builder Capital, Nomad Capital, and Public Works, as well as angel investors such as Balaji Srinivasan, Mustafa Al-Bassam, Jason Yanowitz, Santiago Santos, Dingaling, Cristian Manea, and Will Price.
One potential use case for Fluent's blended execution is a decentralized exchange where users can swap ERC-20 tokens and Solana SPL tokens, all in a Solidity-based environment. This demonstrates the versatility of Fluent's approach, which allows for a variety of use cases that involve combining multiple blockchain ecosystems.
With this funding, Fluent Labs is poised to revolutionize the Web3 landscape by providing a developer-friendly solution that addresses the challenges of current blockchain execution environments and fosters cross-chain composability and interoperability.
- Fluent Labs' innovative integration of WebAssembly, Ethereum Virtual Machine, and Solana Virtual Machine capabilities promises to offer the best cross-chain development experience, enabling developers to build complex decentralized applications (dApps) with seamless compatibility across multiple blockchain environments.
- In the finance sector, the best use case for Fluent Labs' hybrid execution environment could be a decentralized finance (DeFi) platform that allows users to invest in a wide range of assets across various blockchain ecosystems, potentially increasing investment opportunities and returns.
- With the best funding led by Polychain Capital and support from noteworthy participants like Primitive, dao5, Symbolic Capital, and angel investors, Fluent Labs is positioned to deliver groundbreaking technology in the field of finance, investing, and technology, fundamentally reshaping the future of Web3 applications by addressing compatibility issues and fostering cross-chain composability.
