Key Takeaways
- Quai Network has raised $5 million in strategic funding from several venture capital firms, bringing its total funding to $15 million.
- This funding coincides with the launch of Quai’s Mainnet-compatible Devnet, which is designed to provide developers with the necessary infrastructure to build on the network.
- Its unique hierarchical structure and PoEM consensus model aim to provide a highly scalable and secure decentralized ecosystem without compromising on either front.
Quai Network, a Layer-1 blockchain tailored for the global and compute economies, has raised $5 million in the latest funding round. The round saw participation from an array of venture capital firms, including Cogitent Ventures, MH Ventures, TPC Ventures, Giga Chad Ventures, and DexCheck Ventures. This latest infusion of capital follows a previous $10 million investment from Polychain Capital and Alumni Ventures, bringing Quai’s total funding to $15 million.
Quai Network aims to introduce a decentralized energy-backed currency on its scalable, Proof-of-Work blockchain. The network claims to eliminate the trade-offs between scalability and security that have long plagued decentralized networks.
Cogitent Ventures General Partner, Sayantan Mitra, PhD, said: “Quai Network’s unique hierarchical structure transforms scalability and security, eliminating the need to prioritize one over the other.
“By enabling seamless, trustless interactions across multiple chains and supporting fast, low-cost transactions, Quai addresses the pain points of multi-chain systems and sets the stage for high-throughput global execution,” Sayantan added.
Quai has recently launched a Mainnet-compatible Devnet, setting the stage for the protocol’s fourth testnet. This Devnet, the first to feature workshares, UTXO transactions, and dynamic sharding, aims to provide developers with the necessary infrastructure to build on Quai. The team is actively encouraging developers to create projects that will contribute to the growth of the Quai ecosystem.
Francisco Aguilera, TPC Ventures Founder and CEO, highlighted Quai’s innovative approach, stating, “In Quai, we have discovered a universe where energy and money intertwine in a dance of efficiency. With its dual system and PoEM consensus, Quai not only promises scalability and security but also invents a new language for the new digital economy.”
The funds raised in the latest round will be allocated towards scaling Quai’s team, with a particular focus on engineering and developer relations. Additionally, the network plans to intensify its research and development efforts while fostering community engagement.
Since its inception in 2022, Quai Network has been at the forefront of refining blockchain scalability with its multi-layered architecture, enhancing security through advanced cryptographic techniques, and optimizing its consensus model for efficiency. The network’s commitment to integrating seamlessly with other blockchain and financial systems, coupled with its robust governance mechanisms, has solidified its leadership position in the decentralized ecosystem.
Quai’s latest developments follow a series of strategic industry collaborations. The network recently joined the UTXO Alliance, alongside blockchain heavyweights like Cardano and Ergo, to push forward the UTXO model with enhanced security and interoperability. Additionally, Quai has partnered with PortalToBitcoin, Stork Network, and IO.Net, further strengthening its ecosystem.
Read Also: Lemniscap Launches a New $70M Fund to Invest in Early-Stage Web3 Projects
