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Nischal Shetty’s Shardeum Raises $5.4 Million in Strategic Funding Round

Nischal Shetty Shardeum raise funds by web3oclock

The world of blockchain technology is constantly evolving, and one project that has been making waves in recent years is Shardeum. This innovative platform aims to address the limitations of existing blockchains by achieving infinite scalability, decentralization, and enhanced security. With its recent successful funding rounds and impressive achievements on its testnet, Shardeum is poised to make a significant impact in the crypto space.

Shardeum recently secured $5.4 million in a strategic funding round, with prominent investors such as Amber Group, Galxe, J17 Capital, TRGC, Jsquare, Bware Labs, Tané Labs, Hyperithm Group, Luganodes, Blockchain Ventures Hub, CryptoViet Ventures, and Blue7 participating. This investment follows the company’s earlier seed round in October 2022, where it raised $18.2 million and garnered support from industry leaders including Jane Street, Struck Crypto, The Spartan Group, Big Brain Holdings, DFG, Ghaf Capital Partners, and Foresight Ventures. With this additional funding, Shardeum is well-equipped to fuel the growth of its ecosystem as it prepares for the highly anticipated mainnet launch scheduled later this year.

The brainchild of Nischal Shetty, the founder of Wazirx, and Omar Syed, Shardeum is a Layer 1 blockchain based on the Ethereum Virtual Machine (EVM). It leverages the power of sharding, a technique that allows the network to scale infinitely by dividing the blockchain into smaller parts called shards. This approach enables Shardeum to increase transactions per second (TPS) with the addition of every new node, ensuring that the network remains fast and efficient as it grows.

One of the significant advantages of Shardeum is its commitment to providing low gas fees. Gas fees refer to the costs associated with executing transactions and smart contracts on a blockchain network. Many existing blockchains, including Ethereum, have faced criticism for their high gas fees, which can make it expensive to use and develop applications. Shardeum aims to address this issue by offering low gas fees indefinitely, making it an attractive option for developers and users alike.

Furthermore, Shardeum prioritizes decentralization and security through its dynamic state-sharding approach. By dividing the blockchain into shards, each shard can process transactions independently, increasing the overall network capacity. This design ensures that Shardeum remains resilient against attacks, as compromising one shard would not jeopardize the entire network. This innovative approach strikes a balance between scalability and security, making Shardeum a promising solution for the blockchain industry.

The accomplishments of Shardeum’s testnet serve as undeniable proof of its exceptional capabilities. As of July 7, 2023, this remarkable platform has facilitated over 7.4 million transactions, engaging a vast user base of over 820,000 accounts and supporting the deployment of over 230,000 contracts. These extraordinary figures vividly illustrate the surging enthusiasm and widespread acceptance of Shardeum among the cryptocurrency community.

In addition to its technical prowess, Shardeum places great emphasis on community building and collaboration. During the recent strategic funding round, the company aimed to involve Web3 project teams as early holders of SHM tokens, aligning them with the platform’s mission. Shardeum also sought partnerships with strategic funds to expand into new regions and foster the growth of communities. By prioritizing a friendly and collaborative ecosystem, Shardeum aims to create an environment where stakeholders can work together to drive innovation and adoption.

As we look to the future, Shardeum holds great promise for revolutionizing the blockchain space. With its focus on scalability, decentralization, and low gas fees, this EVM-based sharded blockchain is well-positioned to address the limitations of existing networks. With its successful funding rounds and remarkable achievements on the testnet, Shardeum is undoubtedly a project to watch closely. As the company gears up for its mainnet launch later this year, the blockchain community eagerly awaits the transformative potential of Shardeum in shaping the future of decentralized applications and the broader crypto ecosystem.

Discover insights from our exclusive interview with Nishchal Shetty, the visionary founder of Shardium.

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