October 17, 2024
Hyve, a blockchain data availability (DA) provider backed by the Symbiotic restaking protocol, has secured $1.85 million in a pre-seed funding round led by Lemniscap, with contributions from Paper Ventures, Frachtis, and others. Hyve is meeting the rising demand for secure, scalable, and cost-effective data availability, driven by the rapid growth of dApps and L2 solutions. Their flagship product, HyveDA, is a fully permissionless data availability layer that initially offers 1 GB per second throughput, with plans to scale up to over 50 GB/s as the network expands.
Project | Latest Raise | Latest Raise Date | Stage | Lead Investor | Category |
|---|---|---|---|---|---|
Hyve | $1.85M | October 17, 2024 | Pre-Seed | Lemniscap | Data Availability, Infrastructure |
Hyve plans to use the funding to grow its team and enhance marketing efforts while continuing to build partnerships with L2, DePIN, DeFi, and gaming platforms.
About Hyve
Hyve is a blockchain data availability provider that offers a high-throughput solution called HyveDA. This platform is designed to handle large volumes of data with impressive efficiency, achieving 1 GB per second bandwidth and sub-second response times. HyveDA operates on a permissionless network, ensuring secure and scalable data availability for decentralized applications. It aims to support various use cases, including Layer 2 solutions, decentralized infrastructure networks (DePIN), decentralized AI, and DeFi applications.
Website: http://hyveda.xyz/
About Investor
Investor: Leminscap
Lemniscap is an investment firm that specializes in investments in emerging cryptoassets and blockchain startups. They believe that blockchain technology will revolutionize traditional business models, leading to significant changes in the global economy. Their primary goal is to drive this transformation towards a more decentralized and transparent future.
Location: George Town, KY
Website: https://lemniscap.com/
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
Comments