LightLink closes $6.2 million expansion seed round on Ethereum L2 blockchain with no fees

LightLink Network Ltd., the Ethereum layer 2 blockchain that gives enterprises the ability to run decentralized apps for free, today announced the closing of a $6.2 million expansion seed round to support the growth of its distributed ledger service. Announced.

The expansion brings $1.7 million in new investment to the company’s first seed round with participation from MH Ventures and NxGen. $4.5 million In February, led by MQDC and T&B Media Global.

The company offers a Layer 2 blockchain for Ethereum, the second largest blockchain by market capitalization after the Bitcoin blockchain, which enables faster and cheaper transactions on the network during times of high congestion. It will be possible. L2 blockchains offer additional functionality, a way to speed up transactions and reduce fees by “rolling up” transactions before sending them all at once to the main “layer 1” blockchain. It works in conjunction with major blockchains.

Blockchain technology is part of what is called Web3, or the decentralized web, where decentralized applications called dapps run using self-executing smart contracts without the need for centralized authority. The activity of dapps relies on blockchain network activity, which incurs transaction fees known as “gas.” This fee is separately required to enable the network to operate.

LightLink sets itself apart from other L2 blockchain networks by offering enterprise developers the ability to subsidize their users’ transactions on the blockchain through a monthly subscription. The service allows business customers to pay a fixed fee for up to 50,000 transactions each day, avoiding the demand-based fees associated with normal blockchain activity, and allows dapp users to operate the app without gas fees. can.

“High transaction fees are the biggest problem developers and businesses face when trying to raise capital.
Technology on chain. If your goal is to mass-deploy blockchain, you need a lower price point,” LightLink founder and CEO Roy Hui told SiliconANGLE.

As an example, Hui said ticketing projects can be confident of being deployed at scale without transaction costs burdening users or requiring users to acquire native tokens to use the system. Ta. This opens up various opportunities for decentralized exchanges without network transaction fees and facilitates trading between different types of tokens, such as stablecoins that are used as the basis for exchanges due to their low volatility.

Kamran Iqbal, co-founder and general partner of MH Ventures, said: “The next stage of blockchain innovation is to simplify the way users interact with DAPPs and remove cost barriers for individuals entering the space for the first time. It is clear that the focus will be on . “LightLink is at the tip of the spear when it comes to bringing gasless trading to the market.”

The company says it has achieved 115,000 daily transactions on its mainnet since launch, for a total of 18.5 million transactions.

This news comes after LightLink announced A partnership with Animoca Brands Corp. Ltd., a company that develops and publishes blockchain-based video games, will integrate the company’s L2 network technology into selected projects. Using LightLink’s gasless transactions feature for Web3 game properties allows players to be tracked on the blockchain network when they earn rewards, make transactions, or interact in-game to track their progress. This greatly reduces the cost of transferring game items.

The company said it will allocate the new funding to growing its ecosystem, with a focus on corporate partnerships and key enhancements to LightLink’s proprietary technology stack that enable faster and lower-fee transactions on the network.

Image: Pixabay

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