In a monumental announcement made on Wednesday, Verastus Labs, a pioneering peer-to-peer web service protocol, revealed that it had successfully raised $2.3 million in a seed funding round. This impressive achievement brings the company’s valuation to an astounding $50 million. The funding seeks to propel the development of Verastus LASR, an innovative stateless rollup that aims to revolutionize the transition of Web2 developers into the realm of Web3. Led by prominent investors in the Web3 industry such as NGC Ventures and Republic Crypto, this funding round solidifies Verastus Labs as a force to be reckoned with in the Ethereum scaling space.
Originally launched in 2020 as VRRB Labs, Versatus Labs has undergone a remarkable transformation from a layer 1 solution to a cutting-edge Ethereum scaling solution. This strategic pivot has allowed Versatus to provide users with a seamless frontier in decentralized verifiable compute innovation. Building upon its previous success in raising $1.4 million in a pre-seed round from notable investors including Jump Crypto, BigBrain Holdings, Taureon Group, and Hyperithm, the company has now raised a total of $3.7 million in funding over the past year.
Introducing Verastus LASR
At the heart of this funding round is the development of Verastus LASR, the world’s first stateless rollup. Designed to empower developers by enabling them to build smart contracts in their preferred language and with their preferred tools, Verastus LASR represents a significant leap forward in Ethereum scalability. Similar to traditional rollups, Verastus LASR enhances scalability by not maintaining the entire state of transaction data. Instead, it only broadcasts the “absolute necessary data” on the network’s base layer. This unique approach allows Verastus LASR to serve as an execution layer on any layer of the network, thereby eliminating the high costs and inefficiencies associated with Ethereum.
Unleashing the Potential
Verastus LASR offers a plethora of exciting possibilities for developers. Its versatility allows for the creation of complex and data-intensive smart contracts, cross-chain native asset transfers, and cross-chain contract integrations, among other groundbreaking applications. By reducing the cost and inefficiencies of Ethereum and eliminating the friction and centralization associated with optimistic rollups, Verastus LASR delivers a 100x better developer experience.
In addition to the impressive funding raise, Versatus Labs has strategically formed partnerships with leading firms in the Web3 ecosystem. One of these strategic alliances is with EigenLayer, a prominent data availability Web3 firm that provides ETH staking, validation processes on multiple networks, and a thriving ecosystem for developers. This collaboration ensures a seamless integration of Verastus LASR into the Ethereum ecosystem, further fueling its potential for transformative impact.
Furthermore, Versatus Labs has also joined forces with Stader Labs, a liquid staking platform, and Anagram, a renowned Web3 venture. These strategic partnerships highlight Versatus Labs’ commitment to collaboration and innovation within the Web3 space.
Pioneering a New Era
The visionary behind Verastus LASR, Andrew Smith, has been widely recognized for his relentless focus on building a developer-centric solution. Joseph Eagan, co-founder of Anagram, commends Smith’s unwavering dedication and refers to him as the “most sober mind in the crypto space.” Eagan expresses his confidence that Verastus LASR will address a genuine problem in the crypto space, ultimately placing crypto at the forefront of innovation and removing it from the periphery of the tech community.
Stateless Verification: Enabling Infinite Scaling
Sreeram, the founder of EigenLayer, elucidates the vital role of stateless verification in achieving infinite scaling of optimistic rollups while preserving verifiability by regular nodes. This innovative approach allows rollups to sample and verify portions of the state update instead of the entire transaction data, all while maintaining the network’s security. This crucial feature further distinguishes Verastus LASR as a groundbreaking solution that paves the way for the future of Web3 development.
With its impressive funding raise and the development of Verastus LASR, Verastus Labs is poised to revolutionize Web3 development. By providing a seamless transition for Web2 developers and offering unparalleled scalability, Versatus Labs is pushing the boundaries of what is possible in the Ethereum ecosystem. With powerful partnerships and an unwavering commitment to innovation, Verastus Labs is actively shaping the future of Web3 and ushering in a new era of decentralized verifiable compute innovation.