a16z led the investment! Espresso Systems Completes $28 Million Series B Financing to Launch Shared Sorting

Espresso Systems, a well-known project in the emerging field of blockchain, is leading the field of shared sorting. The latest news shows that the project announced today that it has successfully completed a $28 million Series B financing led by Web3 venture capital giant a16z crypto.

Espresso Systems is a company focused on blockchain scaling and privacy infrastructure, and the main driver behind the decentralized shared orderer Espresso. The company recently completed a round of investment, and the funds will be used primarily for product development, investing in the further development of the Rollup ecosystem, and expanding the Espresso team. This investment was completed at the end of February, laying a solid foundation for the company's future development. Espresso Systems is committed to bringing innovation to the blockchain field and providing more secure and efficient solutions to promote the development of the entire industry. Through continuous technology upgrades and team expansion, Espresso Systems will continue to play an important role in the blockchain field, providing users with more reliable

The official list of angel investors, contributors and strategic investors covers more than 30 Well-known project teams in Rollups, Layer2 and modular blockchain, including Polygon, StarkWare, Arbitrum developer Offchain Labs, Taiko, and Ethereum liquidity re-pledge protocol EigenLayer.

Coindesk noted that the latest round of financing brings Espresso’s total funding to more than $60 million, and the company did not disclose its latest valuation.

What is Espresso?

Espresso is widely praised for its shared sequencer solution, which successfully overcomes two major challenges of Ethereum Rollup - fragmentation and centralization. This allows applications distributed across numerous L2s to gain the composability they are used to enjoying on Ethereum’s Layer 1.

Through the decentralized shared sorter, multiple different Rollups can share the same network, so that the transactions of each Rollup can be aggregated in the memory pool before sorting. This approach avoids a single role ordering all transactions and generating blocks, helping to prevent network censorship and single points of failure.

Evolved into a "Shared Sorting Market"

Currently, Espresso is establishing a "Shared Sorting Market" to provide Rollups with the right to auction its blocks. According to Espresso, this setup facilitates interoperability between Rollups, allowing Rollups integrated with a shared sorter to extract value from the sort while maintaining sovereignty. Espresso Systems CEO Ben Fisch told Coindesk and The Block: “Rollups can sell the rights to build blocks to proposers who bid for those rights. Proposers can also open bidding on multiple Rollup blocks, which will allow them to Act as a shared proposer for multiple chains simultaneously. Anyone can participate in this market, including L1 proposers and Rollup itself. Rollups who don’t want to worry about ordering can rely solely on Espresso and trust that they are fully compensated for the value they create, At the same time, it protects its own sovereignty. The evolution from Espresso as a single decentralized shared sorter to a shared sorting market is crucial to Rollup’s sovereignty and value capture.

In addition, Espresso also integrated the ultimate platform called HotShot Determination Tool, which acts as the consensus protocol for Espresso’s shared orderer ecosystem, ensuring faster transaction confirmations for all its integrated Rollups, which greatly reduces the risk of cross-chain liquidity providers and enables Rollups to Faster bridge between.

It is understood that so far, Espresso’s technology has been integrated with popular Layer 2 through the Gibraltar test network, including Optimism, Polygon zkEVM and Arbitrum. The company expects to release its fifth testnet, Cappuccino, in April this year to further enhance decentralization and lay the foundation for the launch of the Espresso market, with the goal of launching the mainnet in 2024.

The above is the detailed content of a16z led the investment! Espresso Systems Completes $28 Million Series B Financing to Launch Shared Sorting. For more information, please follow other related articles on the PHP Chinese website!