Beautiful promises or 3.0 revolution? Despite the bear markets, the cryptosphere is witnessing a new fundraising important for the benefit of the Sui blockchain, a project that could – in the conditional – significantly increase the adoption of the web3.
Mysten Labs raises $300 million for its Sui blockchain
This new fundraising would testify to the “tremendous potential” of the Sui ecosystem: the company Mysten Labs behind the level 1 blockchain (Layer 1) Sui, has achieved a tour de force by convincing investors to put on the table 300 million dollarsin a Series B funding round led by FTX Ventures.
This fundraiser stands out not only by the current context in which it is carried out, but also by the fact that Sui is a project whose deployment is… yet to come.
This fresh capital will also be used to build its basic infrastructureto accelerate the adoption of its ecosystem, with in particular an expansion project in Asia for Mysten Labs.
Over $2 billion in valuation to outperform Ethereum and Solana
Investors in this round, including Coinbase Ventures, Jump Crypto, Andreessen Horowitz, Circle Ventures, Binance Labs, and O’Leary Ventures, are thus betting on a project that is still in a pre-launch stage, based on the Mysten Labs promises regarding its future product.
The Sui Blockchain uses proof-of-stake and a feature called “transaction parallelization,” with the goal of delivering high throughput, relatively fast, and low-fee transactions.
In other words, Sui takes on classic challenges, basic problems of decentralizationthat major blockchains likeEthereum (ETH) and Solana (SOL) unfortunately would not have yet been fully resolved.
The current web3 infrastructure would thus be “slow, expensive, limited in capacity, insecure and simply difficult to build”, argues Evan Cheng, co-founder and CEO of Mysten Labs.
But alongside this ambitious vision, the status and experience of the founders of Mysten Labs may also have played a crucial role in the investors’ final decision. The founders of the company, which is currently valued at over $2 billion, are old meta frames.
This new fundraising calls into question for the umpteenth time the thesis according to which the bear market would have frozen the portfolio of investors vis-à-vis the web3. In the facts, blockchain fundraising even broke records.
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