Espresso Systems, a remote startup advancing shared sequencing technology to enhance security and decentralization in verifying and processing transactions on layer-2 blockchains, raised $28m in Series B funding.
The round was led by Andreessen Horowitz, with participation from Polygon Labs, StarkWare, Taiko, and Offchain Labs.
The company intends to use the funds to continue product development.
Espresso Systems is advancing a shared sequencing marketplace and finality gadget connecting layer-2 scaling solutions. In the marketplace rollups can sell the right to build their blocks to proposers who bid for these rights. Proposers can also bid on multiple rollup blocks to become shared proposers for multiple chains at once, which allows them to facilitate cross-chain activity. Anyone can participate in this marketplace, including L1 proposers and rollup DAO-appointed sequencers. Rollups that don’t want to worry about sequencing can also simply use Espresso to handle it for them.
The HotShot finality gadget also offers lightning-fast finality on proposed blocks, ensuring that rollups don’t need to compromise on the experiences that their users are accustomed to.
FinSMEs