Obol Labs, recently raised $12.5M in Series A funding to accelerate the deployment of Distributed Validator Technology (DVT), in order to address some of the pressing matters for Ethereum’s new validator class.
Obol Labs and the fund
Led by CEO Collin Myers, Obol Labs Inc is an R&D development team focused on proof-of-stake infrastructure for public blockchain networks. Obol Labs is currently designing infrastructure technologies for Ethereum and other Proof-of-Stake blockchains to scale consensus and guarantee decentralization.
Recently, the Lab Raises $12.5M in a Series A Funding round led by Pantera Capital and Archetype with participation from Nascent, BlockTower, Spartan, Placeholder, and IEX. Coinbase Ventures and Ethereal Ventures, previous backers of Obol, have also taken part in the round.
Obol plans in respect of Ethereum
Comprising members from over 13 countries, the core team of Obol is presently focused on bringing DVT to Ethereum.
When Ethereum switched to proof-of-stake, it handed control of the network from crypto miners to validators.
Concerning this, Obol Labs, as the leading builder of Distributed Validator Technology (DVT), decided to build out DVT, with the aim of solving some of the biggest pain points for Ethereum’s new validator class.
DVT is a technology primitive that enables an Ethereum Proof-of-Stake validator to be run simultaneously on more than one machine. The main breakthrough is the ability to split a single validator private key, making it possible for a group of people to share the validation rights of an Ethereum validator.
Obol Labs is working with liquid staking protocols like Stakewise, Lido, and more to enforce DVT into their operator set. Also, most of Obol’s earliest seed supporters and a group of other industry-leading validators are testing, approving, and helping build Obol’s DVT technology.
In addition to working with larger validators, the company is helping to enhance solo validator participation with their community of thousands of members across the world. Jointly, at-home validators partaking in the Labs testnets are operating hundreds of multi-continent administered validators on the Ethereum Goerli network with other operators using the newly initiated DV Launchpad.
The main purpose of the Series A funds
The company plans to use the Series A funds to advance the Obol Network’s roadmap for bringing DVT to Mainnet Ethereum. Obol will also aid the advancement of DVT across other Layer 1 Proof-of-Stake blockchains like Cosmos, and the L2 ecosystem to help deal with the resiliency of sequencers.
Obol is not the only company working on DVT but is the major provider of DVT. And the Labs is presently the best-capitalized software team concentrated on developing DVT to decentralize and secure blockchain staking.
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