Consensys Completes Strategic Investment in Web3 Infrastructure Provider Entangle
Tortola, BVI, March 22nd, 2024, Chainwire
Web3 infrastructure provider Entangle has announced that it has received strategic investment from Consensys. The funding provided by the blockchain incubator takes the total funding received by Entangle to $4M.
In January, Entangle revealed that it had closed a private round that attracted leading VCs such as Big Brain Holdings, Launch Code Capital, Seier Capital, and Skynet Capital. The follow-on investment from Consensys will support Entangle’s goal of building out its interoperable omnichain messaging and liquidity infrastructure.
Consensys’ investment in Entangle forms part of its Linea Ecosystem Alliance, an initiative that has received the backing of VCs such as Amber, Animoca Brands, Blocktower, Electric Capital, ParaFi, and Lemniscap.
Linea is one of several projects Entangle is currently working with, where it is supporting the integration of products such as Photon Messaging, Universal Data Feeds, and Liquid Vaults. Entangle’s flagship product, Liquid Vaults will be integrated into key protocols on Linea, enabling DEXes to share liquidity and users to enjoy superior pricing.
The Entangle mainnet is on course to launch in April. A large and engaged community has coalesced around the infrastructure project, resulting in the Entangle testnet attracting 250,000 users. The community has completed 1.5M testnet transactions, allowing developers to assess the network’s performance ahead of mainnet deployment.
Entangle will support a host of interoperable applications that can draw liquidity and data from multiple chains. A proprietary messaging protocol has been built that allows data and assets to effortlessly move between chains. Photon enables EVM and non-EVM chains to communicate, powering use cases such as omnichain assets and trustless bridges.
Following the launch of the Entangle mainnet, high-frequency data feeds will serve dapps operating across DeFi, DePIN, GameFi, and RWAs. Web2 and web2 data can be served on any blockchain, while smart contracts can communicate between networks.
Entangle will also support Liquid Vaults, improving capital efficiency and enabling novel DeFi strategies through the creation of Composable Derivatives Tokens. After auto-staking LP tokens, users receive a 1:1 backed CDT, reflecting the staked value of the underlying LP.
Over 75 integrations and partnerships have been announced to date and more than 42 dapps integrated with Entangle’s ecosystem, which connects to 16 blockchains. As a result, Entangle is primely positioned to deliver on its promise of supplying omnichain data that crosses ecosystems, industries, and networks.
On March 13, Entangle’s $NGL token launched with simultaneous listings on Bybit, KuCoin, Gate, and MEXC. In its first 24 hours of trading, $NGL recorded $57M volume and demand has remained strong in the days since.
About Entangle
Entangle is the first customizable messaging Infrastructure designed to unify web3 and optimize ecosystem liquidity. Entangle provides builders and dapps with authenticated, customizable and interoperable data secured onchain with full security configurability.
Learn more: https://www.entangle.fi/
ContactFaisal Mehrbanf.mehrban@entangle.fi
Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
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