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Chainway Labs raised $2.7 million for another Bitcoin-based ZK-Rollup

Bitcoin: Chainway Labs raised $2.7 million for another Bitcoin-based ZK-Rollup

Chainway Labs studio recently closed a $2.7 million seed funding round led by Galaxy Ventures.

The investment will advance the Citrea initiative. Delphi Ventures and individual investors such as Eric Wall, co-founder of Taproot Wizards NFT project, also contributed to the funding round.

The studio is positioning Citrea as a bitcoin-based ZK-rollup. The concept refers to #Layer 2 solutions on the #Ethereum network and aims to consolidate transactions to improve processing efficiency.

Chainway Labs emphasized that their main goal is to accelerate the integration of the Bitcoin network into the #DeFi and #NFT spheres. The official presentation of the project took place in early February 2024.

The developers are preparing to present the Citrea test network tentatively in the second quarter of 2024. Assessing the feasibility of the project, CoinDesk noted the following perspective:

"Comparisons between Citrea and Ethereum often surface, with projections in the long term favoring Citrea. Bitcoin is the most secure, decentralized and extensively tested blockchain, with a market capitalization of over $1 trillion. This solution is designed to bring elements of DeFi to this robust ecosystem."

But frankly, this sounds more like another project riding the wave of Bitcoin's popularity. It's safe to say that a project like Syscoin has already solved all of the above challenges and their Rollux network is up and running.

#Rollux is the ultimate EVM rollup platform rooted in Bitcoin’s PoW for unparalleled security, scalability, and affordability.

Rollux from #Syscoin utilizes Layer 2 Rollups and the industry’s only L1 #Proof-of-Data Availability solution to achieve speeds unseen without sacrificing security and decentralization.

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