We’ve Raised $25M to Unify All Chains!
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Dear community,
We’re proud to announce that Particle Network has officially raised $25 Million to continue funding our vision of chain abstraction. This announcement comes after a $15M round led by Spartan Group and Gumi Crypto, with additional backing from SevenX Ventures, Morningstar Ventures, HashKey Capital, MH Ventures, UOB Venture Management, Flow Traders, ZeroSevenOne Labs, and SNZ.
These investors join our OG backers, which include Animoca Ventures, LongHash Ventures, and Alibaba Group, among others.
As you know, our goal has always been to make the experience of using Web3 simpler, easier, and better for developers and end-users alike. That’s why we decided to tackle the problem of user and liquidity fragmentation and strive to make our vision a reality: one account, one balance, any chain.
History and fundraising
Since its inception in May 2022, Particle Network has seen three eras:
- Wallet Abstraction (WA): Particle’s original product offering, featuring MPC-TSS embeddable wallets that users could generate via social logins, allowed dApps to streamline their onboarding of Web2 users. Our WA modular stack has grown to be compatible with over 60 different chains and has been integrated by more than 900 dApps, securing over $2B worth of users’ assets.
- Account Abstraction (AA): As ERC-4337 account abstraction debuted, we augmented our product offering by integrating a comprehensive AA stack into Wallet Abstraction, allowing developers to tap into AA alongside Particle’s existing solutions. Through BTC Connect, we also introduced ERC-4337 AA infrastructure on the BTC ecosystem, establishing deep partnerships with Bitcoin L2s and wallets to enable the usage of EVM-compatible networks via native Bitcoin signatures. This helped us reach over 17 million total users and process more than 10 million AA transactions.
- Chain Abstraction (ChA): As the next step in its evolution, we announced a modular L1 blockchain, acting as a central coordinating mechanism for Universal Accounts. These accounts, Particle’s flagship innovation, enable users to have a single account and balance to use across all chains, empowering the Web3 ecosystem with higher interoperability. They are supported by two underlying functionalities, Universal Liquidity, and Universal Gas, which together enable users to spend their tokens across any chain, paying for gas in any of their tokens. Crucially, all users leveraging the above pre-existing solutions will be instantly upgraded to Universally Accounts, seamlessly bootstrapping the L1’s initial ecosystem and usage.
Project development
Particle Network currently boasts a globally distributed team of 30+ full-time employees, predominantly developers. Through our ongoing collaborations, we’re helping shape Web3’s chain abstraction scene, unifying efforts for the greater benefit of our ecosystem, as well as advancing awareness of Web3’s increasing fragmentation.
Furthermore, since the initial announcement of its modular L1, we’ve established over 60 blockchain partnerships to initially support Universal Accounts, including Berachain, Avalanche, Arbitrum, and zkSync. The initial implementation of the Particle Network modular L1 and Universal Accounts will also be supported by various partner technologies, such as Avail DA, Celestia, Hyperlane, and Babylon.
Future plans
The Particle Network Mainnet is expected to go live in Q3 2024.
Meanwhile, you can already test Particle’s chain abstraction features via Particle Pioneer, our testing and community program. This Testnet has seen widespread participation, registering over 114M transactions and around 1.3M Universal Accounts. It also features the first usable versions of Universal Accounts and Universal Gas, and will introduce Universal Liquidity within the next days in Testnet Phase 2.
By creating a user experience exempt from the manual processes required to interact across multiple chains, chain abstraction stands to accelerate the adoption and innovation within the Web3 landscape. As Web3 onboards its first billion users, Universal Accounts stands to serve both end users and developers navigating a quickly expanding field.
Particle Network's Wallet Abstraction solutions are 100% free for developers and teams. By integrating them, you can set your project in a path to leveraging chain abstraction.
About Particle Network
Particle Network is addressing Web3's fragmentation of users and liquidity through Universal Accounts. Particle's chain abstraction is powered by a Cosmos SDK L1 blockchain enabling the experience of a single account, balance, and address that can be used across all chains, allowing users to interact with any dApp and pay gas with any token.
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