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Pell Network Secures $3M Funding to Build Omnichain DVS Network

Pell Network Secures $3M Funding to Build Omnichain DVS Network

London, UK, October 17th, 2024, Chainwire

Pell Network, an Omnichain Decentralized Validation Services (DVS) network, has successfully raised $3 million in pre-seed funding, as announced on October 16, 2024.

This round was co-led by Paper Ventures, Halo Capital, and Mirana Ventures. Incubator D11-Labs and key investor Delta Blockchain Fund, also participated in this round, along with a diverse group of investors including ArkStream Capital, Mantle EcoFund, Web3Port, Caliber Venture Builder, Cogitent Ventures, Contribution Capital, J17 Capital, Sats Ventures, Side Door Ventures, 071Labs, and individual angels.

The funds will be used to develop Pell’s innovative network, which aims to build an omnichain DVS network powered by restaking. By leveraging Liquid Staking Tokens (LST), Pell Network plans to break down barriers between siloed blockchains and foster the long-term sustainability of the entire ecosystem.

Oliver Blakey, co-founder of Paper Ventures, expressed enthusiasm for Pell’s vision, stating, “Pell’s vision for a universal trust network aligns perfectly with the evolving needs of BTCFi users. We are excited to support their journey in addressing critical challenges and unlocking fresh possibilities for Bitcoin-based DeFi.”

David Toh, Managing Partner of Mirana Ventures, highlighted Pell’s unique approach: “Pell Network brings a new approach to restaking that enhances the user experience while providing differentiated revenue streams at a lower cost to developers. We are excited to support their vision of creating an Omnichain DVS network powered by restaking.”

Technical Architecture and Market Traction

Pell Network’s architecture consists of three key components: the Restaking Layer, Pell Chain, and Service Layer. This structure aims to optimize resource allocation and maximize returns by aligning capital, assets, and consumers.

The platform has already achieved significant traction with deployments on 20 chains including BNB Smart Chain, Core, Babylon, Mantle, and Ethereum. It has accumulated over $300 million in Total Value Locked (TVL) and more than 430,000 stakers across its Omnichain Restaking Network.

Future Developments and Community Engagement

With this funding and early traction, Pell Network is positioning itself as a key player in the evolving landscape of cross-chain application building and…

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