Ethereum expansion project Scroll completes $30 million in Series A financing and plans to launch a testnet in the second half of the year
This article comes fromThe Block, original author: Yogita Khatri
Odaily Translator | Nian Yin Si Tang
Summary:
This article comes from
, original author: Yogita Khatri
Odaily Translator | Nian Yin Si Tang
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Summary:
- According to co-founder Sandy Peng, Scroll’s testnet is expected to launch in the second half of this year.
Scroll, an Ethereum expansion project using zk-Rollup technology, has completed a $30 million Series A round of financing and plans to launch a test network.
The financing was led by Polychain Capital, with Bain Capital Crypto, Robot Ventures, Geometry DAO and others participating.
A number of angel investors, including Ying Tong and Carlos Aria of the Ethereum Foundation, and members of the Ethereum community, including Anthony Sassal, Ryan Adams and Santiago Santos also participated in the round.
Scroll co-founder Sandy Peng declined to comment on whether the fundraising was done through an equity raise or a SAFT (Simple Agreement for Future Tokens) sale.
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Testnet plan
With the new funding, Scroll plans to expand the team and launch a testnet.
Scroll's total workforce currently stands at 20, and the project is in the process of hiring several employees across different functions, including engineering and operations. Scroll’s testnet is scheduled to launch in the second half of this year, she said.
Scroll was co-founded by Sandy Peng, Ye Zhang, and Haichen Shen early last year with the goal of scaling Ethereum using zk-Rollup technology.
StarkWare and Matter Labs can be seen as Scroll's closest competitors - both use zk-Rollup scaling.
When asked what Scroll's unique advantage over StarkWare is, Peng said: "We're building a zkEVM solution, not StarkWare's zkVM."
"This means that developers in the Scroll ecosystem will enjoy an 'EVM-equivalent' experience; any DApp running on zk Layer 1 can be deployed on Scroll," she explained.
According to Peng, as for Matter Labs' zkSync network, it also has EVM compatibility like Scroll, but Scroll is more developer-friendly.She further stated that using Scroll, Solidity developers can copy smart contract bytecode from Ethereum and deploy it on Scroll without any modifications to it. “As defined by the Ethereum Foundation, we are the EVM equivalent or native EVM,” Peng said.She also revealed that specific details of the Scroll technology will be announced in the coming months.So far, the company's total financing after completing the A round of financing is about 33 million US dollars. The project had previously raised about $3 million from angel investors, Peng said.As investors' interest in the encryption industry continues to increase, Ethereum expansion projects are often favored by investors, and Scroll has become the latest Ethereum expansion project to complete financing. Financing information for some other such projects is as follows:
In March, the Ethereum expansion project Optimism using Optimistic Rollups technologyAnnounced the completion of $150 million in Series B financing, valued at $1.65 billion. Furthermore, just a few days ago, Optimism
Published "A New Chapter", Reviewing past progress, network achievements, financing information, etc., and saying that it will open a new chapter driven by "community ownership and governance", and more information will be released soon. According to community speculation and official roadmap, Optimism may launch its token OP soon. According to the official information disclosed at the time, Optimism has helped users save more than US$1.1 billion in gas costs, deployed more than 6,800 contracts, facilitated a transaction volume of more than US$17.4 billion, and generated more than US$24.5 million in revenue.Also in March, Immutable, an Ethereum expansion project focused on NFT
Completed $200 million financing at a valuation of $2.5 billion, Temasek (Temasek) led the investment, Mirae Asset, ParaFi Capital, Declaration Partners, Tencent Holdings, etc. participated in the investment. Robbie Ferguson, co-founder and president of Immutable, said that this round of financing will be used for investment in mergers and acquisitions. It is reported that Immutable is the developer of NFT games Gods Unchained and Guild of Guardians, and also created Immutable X, an NFT layer-2 expansion solution.In February, the Ethereum expansion project Polygon
