The fresh funding, which ahead of its mainnet launch later this year, will be used to support the growth of its ecosystem.
The blockchain startup, co-founded by WazirX's Founder Nishchal Shetty, had earlier raised $18.2 million in a seed round at a valuation of $200 million from 60 prominent investors, in October last year. The investors in that round included Jane Street, Struck Crypto, The Spartan Group, Big Brain Holdings, DFG, Ghaf Capital Partners, Foresight Ventures and others.
Shardeum's mainnet launch is expected in late this year. A mainnet refers to a fully developed and operational digital network that serves as the primary infrastructure for a particular blockchain project.
Founded last year, Shardeum is a layer-1 EVM-based, linearly scalable blockchain smart contract platform that provides low gas fees while maintaining true decentralization and solid security through dynamic state sharding. Shardeum uses sharding to increase TPS with the addition of every new node.
In an official blog announcement, Kelsey McGuire, Chief Growth Officer at Shardeum, said, "The completion of this strategic raise from key participants puts Shardeum in position to expand on our mission to cultivate a global and diverse community. Given Shardeum’s consensus design and use of dynamic state sharding, validator participation is highly accessible regardless of user access to computing resources. This raise allows us to continue to prioritize decentralization by growing our community of participants worldwide through education and other key Initiatives."
Shardeum will scale linearly thanks to dynamic state sharding. Every node that joins theShardeum network automatically raises the number of transactions per second (TPS), ensuring cheap transaction costs even as use grows.
As July 7, 2023, over 7.4 million transactions have taken place on the Shardeum testnet, with 820K+ accounts and over 230K contracts deployed.
Shardeum will have SHARD (SHM) as its token, which is in the development stage currently.
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