RISE, a project specialized in developing Gigagas Layer 2 solutions, has completed a seed funding round, raising $3.2 million. A number of well-known investors participated in this round.
Investment Round and Support
RISE raised $3.2 million in a seed funding round completed last month. The round was led by Finality Capital with participation from Orange DAO, DACM, ether.fi Ventures, P2 Ventures, MH Ventures, and Public Works. Angel investors include Vitalik Buterin, Stani Kulechov, Anthony Sassano (aka sassal.eth), and DCF God, as well as several prominent web3 founders.
Technological Achievements of RISE
RISE moves beyond the limitations of Megagas performance, surpassing 1 billion gas per second, marking the beginning of the Gigagas Era. This breakthrough has significant implications for various sectors, including DeFi, DePIN, gaming, and social networks, opening up new possibilities for web3 applications. Key efforts to enhance the RISE stack include execution and state access optimizations to maximize throughput and minimize latency. On the execution front, RISE developed and open-sourced pevm, a parallel EVM engine that is the fastest public EVM executor in the market and will be integrated into Reth. RISE also features a Continuous Block Pipeline, ensuring full CPU utilization with no idle time by continuously executing L2 transactions while waiting for L1 consensus. For state access, RISE uses a Versioned Merkle Tree to minimize disk compaction and a delta-encoded log-structured database, RiseDB, to reduce state access complexity.
Founders and Future of the Project
RISE was founded by veteran web3 builders Sam Battenally, Hai Nguyen, and Sasha Mai, and incubated by Caliber Venture Builder, a venture studio founded by Loi Luu. The project has been in development since 2023, inspired by the desire to provide a significantly better solution to the scalability problem. RISE also plans to implement Based Sequencing next year, a decentralized approach to Layer 2 block sequencing. The RISE internal testnet is ready for developers to start building high-performance applications.
RISE is making confident strides in developing scalability solutions for web3. The investments and technological achievements open new horizons for creating high-performance applications and further developing the ecosystem.
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