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Espresso Systems Secures $28 Million in Series B Funding Led by a16z Crypto

Espresso Systems has recently secured $28 million through a Series B funding round with the goal of enhancing Ethereum’s Layer 2 solutions.

As per a blog post from Espresso Systems, this significant investment was spearheaded by a16z crypto, with additional participation from Polygon, Taiko, o1Labs, StarkWare, Offchain Labs, and several other strategic investors and contributors.

Espresso Systems to Improve L2

With the Series B funding, Espresso Systems will accelerate product development and dedicate resources to bolstering the rollup ecosystem, with a focus on fostering community-driven governance and achieving full decentralization. The company’s objective is to position Espresso as a public good across various Layer 2 technologies.

Additionally, Espresso plans to launch a hiring initiative to expand its team, welcoming individuals passionate about shaping Ethereum’s future to join their mission.

The announcement emphasizes that Espresso transcends being merely a shared sequencer, consensus protocol, or interoperability tool for rollups. Rather, it envisions Espresso as a marketplace for shared sequencing, where rollups can auction the right to construct their blocks to proposers who compete for these rights.

Marketplace and HotShot Features

The marketplace facilitates bidding on sequencing multiple rollups concurrently, thereby streamlining cross-chain activities. Espresso Systems has affirmed that this functionality is inclusive, welcoming Layer 1 proposers and rollup DAO sequencers alike. This openness allows rollups to entrust their sequencing responsibilities to Espresso, simplifying management processes.

The HotShot feature ensures rapid finalization of blocks, preserving the anticipated user experience. Supported financially by stakeholders and Ethereum restakers, HotShot has the potential to expand to encompass the entire Ethereum validator set, guaranteeing transaction finality on Layer 1.

“Overall, we envision Espresso as a comprehensive solution for rollups to enhance utility for their users by improving safety, liveness, and interoperability,” stated Espresso Systems. “Rollups will be compensated for the value they generate while retaining their sovereignty and autonomy.”

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Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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