t3rn, the next-generation fail-safe multichain protocol, has raised $6.5 million in a strategic funding round led by Polychain Capital, a VC that invests in cryptocurrency and blockchain assets .
t3rn is a multichain protocol that brings fail-safe, interoperable execution and smart contract composability to the Polkadot ecosystem and beyond.
t3rn aims to enable trust-free collaboration between blockchains and to create an ecosystem in which anyone can utilize and deploy an interoperable smart contract, in an ecosystem where developers are fairly rewarded for their contributions.
This funding round also attracted investment from Blockchange, Lemniscap, D1 Ventures, Huobi Ventures, Figment Capital, Bware Labs, MEXC, Open Process Ventures, NetZero Capital and an array of industry-leading angel investors.
Maciej Baj, t3rn Founder and CTO, said: “The future of Web3 is multichain. This means that transactions across multiple blockchains can and should be as easy and safe as those on a single chain. t3rn supports this new paradigm in cross-chain programming.”
Maciej also noted that the funding round supports the development of their innovative approach to blockchain interoperability.
Ben Perszyk, Partner at Polychain Capital, pointed out that interoperability between layer-1 blockchains and the applications built on top of them will help improve efficiency and liquidity across the ecosystem by reducing fractured liquidity pools and increasing composability across different execution environments.
Ben Perszyk believes that t3rn’s multichain protocol is an “expressive protocol for generalizable function calls across different chains – an ambitious undertaking that will unlock new behaviors for crypto builders and users.”
“It’s one thing to say we need interoperability across blockchains and another to actually build it,” said Ken Seiff, Managing Partner of Blockchange Ventures. “t3rn is actually doing it. They are enabling the future where smart contracts can actually execute across chains instead of being bounded by one chain or being forced to work across risky bridges.”
Roderik van der Graaf, Founder and Managing Partner at Lemniscap said: “Considering the contours of today’s multi-blockchain environment, the need for smart contract interoperability has never been more pronounced. At Lemniscap, we’re particularly excited about driving the development of multichain solutions and cross-chain interoperability.”
“As frontrunners in the space, t3rn is greatly extending the accessibility to multiple decentralized applications, enabling developers to seamlessly create cross-chain applications,” Roderik added.
t3rn enables fail-safe smart contract interoperability, no matter how many different blockchains are involved, with the simplicity of an SDK. And unlike bridges, t3rn enables multi-step transactions to be composed across different chains under a single call.
Since its inception, t3rn has been supporting the development of the Polkadot ecosystem, and has been part of the Substrate Builders Program.
The protocol is also announcing the completion of its second grant from the Web3 Foundation, to further develop XBI – an innovative XCM-based standard for smart contract communication.
Jacob Kowalewski, Chief Strategy Officer at t3rn, said: “We are incredibly proud to not only have the support of some of the foremost investors in the space, but also to be continually delivering on ambitious grants for the Web3 Foundation.”
“In a time when multichain solutions are hindered by hacks and exploits, we at t3rn are committed to building a game-changing solution in a measured manner, and we look forward to becoming a pivotal part of a secure multichain world,” Jacob added.
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