Cytonic Lands $8.3 Million Seed Investment Aimed at Enhancing Blockchain Compatibility
British Virgin Islands, November 7th, 2024 — Cytonic Cytonic, the world’s first multi-virtual-machine blockchain, has announced securing $8.3 million in a funding round co-led by Lattice and Lemniscap The round also included backing from participants like IOBC, Nomura, Lyrik, Arthur Hayes, Public Works, and other distinguished investors.
Developed by MultiVM Labs Cytonic is an innovative decentralized execution environment that seeks to address one of the most urgent dilemmas in blockchain: inter-chain compatibility. As the problem of fragmentation among numerous blockchain networks escalates, developers and end-users are increasingly hindered by obstacles that curtail the full potential of blockchain innovations. Cytonic presents a unique Layer 1 blockchain capable of hosting various virtual machines on a single network layer while sharing storage. This advancement facilitates simultaneous processing of transactions that utilize different state transition functions (STFs) within one cohesive state transition. Presently, Cytonic’s design aligns closely with both Ethereum and Solana, allowing all existing tools, wallets, and decentralized applications (dApps) that operate on EVM and SVM chains to interact effortlessly within the Cytonic framework.
By reducing transaction costs and minimizing asset transfer timelines between chains, Cytonic enhances user experience and accessibility for decentralized applications. On its blockchain, users can execute asset swaps across different virtual machines atomically, avoiding rollback issues and preventing cross-chain vulnerabilities.
For instance, users can readily swap Base tokens (ERC20) for Solana tokens (SPL) within a shared liquidity pool on a singular decentralized exchange (DEX), significantly boosting capital efficiency. This strategy effectively addresses the interoperability challenges and vulnerabilities associated with myriad blockchain architectures while ensuring full compatibility.
Through firsthand experience with the detrimental effects of compatibility complications on the growth of the crypto sector, Cytonic's Founder recognized a pressing need for an innovative resolution that streamlines horizontal scaling for applications and resolves liquidity management issues for users. Ivan, who previously held an executive position at Spin Labs, along with his fellow executives— Ivan Miskovic a former partner at Foresight Ventures, and Chelsea a former senior engineer at Faraway—bring a wealth of experience in developing and investing in decentralized technologies across various well-known projects, including Bitcoin, Ethereum, Solana, Near, and more. United by a common vision of tackling blockchain's compatibility issues, the Cytonic team is committed to enhancing on-chain interactions for all participants. Badconfig With its dual compatibility with EVM and SVM, projects from any EVM or SVM framework can transition to Cytonic with ease, accessing liquidity from various networks without the usual complexities associated with cross-chain operations. This significant advancement in core infrastructure compatibility empowers developers to deploy pre-existing applications on Cytonic without the need for code alterations, simplifying both development and growth trajectories. Projects can leverage different virtual machine strengths while maintaining overall compatibility across the network. This not only streamlines the user interface but also diminishes fragmentation, enriches ecosystem diversity, and makes blockchain technology more user-friendly and adaptable for broader acceptance.
Ivan Miskovic, the visionary behind Cytonic, stated: “We extend heartfelt gratitude to our investors for supporting our ambition to bridge the divides between various blockchains, unlocking unprecedented opportunities for developers and users alike. Our platform allows any wallet from any blockchain to securely store a wide range of assets on Cytonic, significantly enhancing user experiences and expanding accessibility during this pivotal phase of Web3 development. We’re just beginning our journey.”
Regan Bozman, General Partner at Lattice, remarked: “It is an honor to have co-led this $8.3 million investment round for Cytonic. As the blockchain landscape evolves, numerous groundbreaking projects encounter challenges with liquidity and compatibility due to the diverse blockchain platforms out there. Cytonic is actively confronting these issues, dismantling barriers between networks to foster increased collaboration, innovation, and broader adoption within the Web3 ecosystem.”
Cytonic is at the forefront of instigating the very first multi-virtual-machine blockchain, with a mission to seamlessly unify diverse networks such as Bitcoin, Ethereum, and Solana into a cohesive Layer 1 blockchain solution. With a global operational approach, Cytonic guarantees connectivity and interoperability among various decentralized frameworks.
About Cytonic
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In line with the Trust Project guidelines Gregory, a digital nomad from Poland, is not just a financial analyst but also a prolific writer for numerous online magazines. With extensive experience in finance, his insights have been featured in various publications. Making the most of his leisure time, Gregory is currently focused on authoring a book dedicated to cryptocurrency and blockchain technologies.
