Pell Network raises $3 million for expansion! What does this mean for the blockchain world?

Pell Network Raises $3 Million for Omni-chain DVS Development

Pell Network, an innovative omni-chain DVS network, has announced the successful raise of $3 million in a pre-seed funding round. These funds will be used to further develop the platform, which operates based on restaking and aims to eliminate barriers between different blockchains.

Co-Leads of the Funding Round

The funding round was co-led by renowned entities such as Paper Ventures, Halo Capital, and Mirana Ventures. Other investors joining in include Delta Blockchain Fund, ArkStream Capital, Mantle EcoFund, Web3Port, and Caliber Venture Builder.

Utilization of the Raised Funds

The funds raised in the funding round will be allocated towards further developing Pell Network, which aims to become a significant player in the cross-chain application ecosystem. Through LST (Liquid Staking Tokens), the platform aims to create a sustainable ecosystem integrated across multiple blockchains.

Technical Architecture of Pell Network

The technical architecture of Pell Network is based on three main elements: the restaking layer, the Pell chain, and the service layer. The platform itself has gained significant popularity, with deployments on 20 chains and over 430,000 users in the omni-chain restaking network.

Planned Innovations and Objectives

Pell Network plans to provide developers on the DVS network with economic incentives to develop cross-chain applications. Through community engagement campaigns such as testnets, airdrops, and goldmining, the platform rewards early participants, building community loyalty and engagement.

Follow Pell Network

If you want to stay updated on the latest events related to Pell Network, follow the official website and the platform’s profiles on other social media channels.