The Good Tech Companies - Pell Network Secures $3M Funding To Build Omnichain DVS Network

Episode Date: October 18, 2024

This story was originally published on HackerNoon at: https://hackernoon.com/pell-network-secures-$3m-funding-to-build-omnichain-dvs-network. The funds will be used to develop Pell's innovative network, which aims to build an omnichain DVS network powered by restaking. Check more stories related to web3 at: https://hackernoon.com/c/web3. You can also check exclusive content about #web3, #pell-network, #chainwire, #press-release, #pell-network-announcement, #crypto-funding, #blockchain-development, #good-company, and more. This story was written by: @chainwire. Learn more about this writer by checking @chainwire's about page, and for more stories, please visit hackernoon.com.

This audio is presented by Hacker Noon, where anyone can learn anything about any technology. Pell Network secures $3 million funding to build Omnichain DVS Network by Chainwire. Pell Network, an Omnichain Decentralized Validation Services DVS network, has successfully raised $3 million in pre-seed funding, as announced on October 16, 2024. This round was co-led by Paper Ventures, Halo Capital, and Marana Ventures. Incubator D11 Labs and Key Investor Delta Blockchain Fund also participated in this round, along with a diverse group of investors including ArcStream Capital, Mantle Eco Fund, Web3 Port, Calibre Venture Builder, Cogitant Ventures, Contribution Capital, J17 Capital, SAT's Ventures,

Side Door Ventures, O71 Labs, and Individual Angels. The funds will be used to develop Pell's innovative network, which aims to build an omni-chain DVS network powered by restaking. By leveraging liquid staking tokens, LST, Pell Network plans to break down barriers between siloed blockchains and foster the long-term sustainability of the entire ecosystem. Greater than Oliver Blakey, co-founder of PaperVentures, expressed enthusiasm for Pell's greater than vision, stating, Pell's vision for a universal trust network aligns perfectly greater than with the evolving needs of BTCFI users. We are excited to support their greater-than journey in addressing critical challenges and unlocking fresh possibilities

greater than for Bitcoin-based DeFi. Greater than David To, managing partner of Marana Ventures, highlighted Pell's unique greater-than approach. Pell Network brings a new approach to restaking that enhances the greater-than user experience while providing differentiated revenue streams at a lower cost greater than to developers. We are excited to support their vision of creating an omni-chain greater-than-DVS network powered by restaking. Greater-than-greater-than technical architecture and market traction Pell Network's architecture consists of three key components. The restaking layer, Pell Chain, and Service Layer. This structure aims to optimize resource allocation and maximize returns by aligning capital, assets, and consumers. The platform has already achieved significant traction with deployments on 20 chains including BNB Smart Chain,

Core, Babylon, Mantle, and Ethereum. It has accumulated over $300 million in total value locked, TVL, and more than 430,000 stakers across its Omnichain restaking network. Future developments and community engagement with this funding and early traction, Pell Network is positioning itself as a key player in the evolving landscape of cross-chain application building and boots trapping. The network aims to provide developers with DVS networks underpinned by tangible economic incentives, potentially marking a shift from traditional trust-based systems to quantifiable, auditable economic security models in the blockchain space. In line with its launch strategy, Pell Network has rolled out a series of community engagement

campaigns. These include the Testnet launch accompanied by an airdrop campaign and a goldminer campaign, providing participants an opportunity to earn up to 1 BTCB plus 11 BNB raffle and a 30% yield. As the project progresses, early participants will be generously rewarded. More details will be announced in the near future. About Pell Pell Network builds an omni-chain DVS, decentralized validation service, network driven by crypto economics, leveraging the restaking mechanism of LST, liquid staking tokens, to create a seamless decentralized validation services marketplace. Pell Network aims to provide innovative technical solutions for the billion-dollar restaking sector, break down barriers between siloed blockchains, and foster the long-term sustainability of the entire ecosystem.

Users can follow Pell's latest development. Website slash pel underscore network discord colon https colon slash slash discord dot com slash invite slash pel dash network telegram colon https colon slash slash t dot m e slash pel underscore network contact pelly at pel dot network colon colon colon tip this story was distributed as a release by chainwire under hackernoon's business blogging program learn more about the program here thank you for listening to this Hackernoon story, read by Artificial Intelligence. Visit hackernoon.com to read, write, learn and publish.