RISE, the Gigagas Layer 2 chain, has raised $3.2 million in a seed round. The round was finalized earlier this month with participation from leading venture funds and prominent angel investors.
Fundraising Success
The funding round was led by Finality Capital with participation from Orange DAO, DACM, ether.fi Ventures, P2 Ventures, MH Ventures, and Public Works. Among the angel investors are Vitalik Buterin, Stani Kulechov, Anthony Sassano aka sassal.eth, and DCF God, as well as several well-known web3 founders.
Technological Advancements
RISE moves beyond the performance limitations of Megagas to surpass 1 billion gas per second, marking the beginning of the Gigagas Era. This breakthrough impacts multiple sectors, including DeFi, DePIN, gaming, and social networks, opening up new possibilities for web3 applications. Key efforts to optimize RISE include the development and open-sourcing of Parallel EVM (pevm), the fastest public EVM, and the use of a Versioned Merkle Tree to minimize state access complexity. RISE also employs a Continuous Block Pipeline and the RiseDB database.
Team and Future Plans
RISE was founded by web3 veterans Sam Battenally, Hai Nguyen, and Sasha Mai. It was incubated by Caliber Venture Builder, founded by Loi Luu. Since development began in 2023, RISE has aimed to provide a significantly better solution to the scalability problem. Looking ahead, RISE plans to implement a decentralized approach to Layer 2 block sequencing (Based Sequencing) and continue to support efficient full node operation with 32 gigabytes of RAM.
The RISE internal testnet is ready for developers to start building high-performance applications. The RISE team is excited to welcome builders to join the new technological phase, the Gigagas Era.
Comments