Vlayer Secures $10 Million for "Solidity 2.0"

Vlayer, a crypto startup developing Solidity 2.0, which enhances Ethereum's smart contract language, has successfully raised $10 million in a pre-seed funding round.

Investors

The funding round attracted notable investors, including:
– a16z Crypto Startup Accelerator (CSX)
– Credo Ventures
– BlockTower Capital

Additionally, angel investors contributing to the round include:
– Remco Bloemen (World)
– Jakub Florkiewicz (World Developer Tools For Humanity)
– Zac Williamson, Joe Andrews, and Kev Wedderburn (Aztec)

Funding Details

This substantial pre-seed funding was broken into two tranches:
1. $3 million closed in February within a week.
2. $7 million closed in August in less than a month.

Hubert Rachwalski von Rejchwald, co-founder and CEO of Vlayer, noted that while the second tranche had "modified terms," he refrained from commenting on the valuation. The round combined a simple agreement for future equity (SAFE) and a simple agreement for future tokens (SAFT).

What is Vlayer?

Vlayer aims to create "verifiable data infrastructure" with Solidity 2.0, allowing developers to integrate real-world data into Ethereum smart contracts. They plan to introduce four major new functions:
– Time Travel: Execute contracts using historical on-chain data.
– Teleport: Run contracts across different EVM-compatible networks.
– Web proofs/zkTLS: Verify and integrate web content, APIs, and websites.
– Email proofs/ZK Email: Access and verify email content.

Rejchwald emphasizes that Vlayer provides more accessible sources of verifiable data directly from Solidity code. This is expected to enhance the usability of zero-knowledge proofs within the development space.

Market Context

Vlayer’s holistic approach integrates various verifiable data sources, unlike typical projects that often focus on one area. For instance, zkPass recently raised $12.5 million at a $100 million token valuation and aligns with this trend of expanding verifiable data applications.

Vlayer Launch Details

Currently in an "open alpha" phase, Vlayer is inviting developers from sectors such as DeFi, RWA, and gaming to join the platform. The launch of the Vlayer testnet, mainnet, and tokens is anticipated no sooner than 2025.

The Vlayer team includes 20 members, with plans for growth across various functions.

Stay Updated: Follow crypto funding news with The Funding newsletter. Sign up [here].