Hyve Launches DA Protocol With Sub-Second Latency

by

As a seasoned crypto investor with over a decade of experience under my belt, I must admit that the recent announcement about HyveDA’s preseed funding round caught my attention. With its impressive $1.85 million backing from notable VC firms like Lemniscap and Paper Ventures, this new data availability solution seems poised to disrupt the market.

In a groundbreaking move, Hyve – the initial secure network within Symbiotic’s ecosystem – commences operations by raising a $1.85 million preseed funding round. The goal is to construct an exceptionally effective Data Availability (DA) protocol that boasts sub-second latency and 1 GB/s data transfer speed. Notably, several prominent venture capital firms have shown their support for this project during its fundraising phase.

Hyve DA layer kicks off, Lemniscap led preseed funding

As an analyst, I’m excited to announce that I’ve been working with Hyve, a state-of-the-art data availability solution, which has just gone live under the radar. The team has shared that this is indeed the case. Moreover, they’ve revealed details about their recent preseed funding round. Notably, the prominent VC firm Lemniscap spearheaded the investment in this next-generation data availability solution.

Embracing the Future with HyveDA: A Decentralized Application Layer Boosting Gigabyte-Throughput, Powered by SymbioticFI.

In the past, decentralized applications (dApps) have often been hindered by a trade-off between performance and decentralization. This limitation has significantly curbed the potential of consumer dApps.

But not anymore. Today, we step into a new era.

— Hyve DA (@Hyve_DA) October 1, 2024

Additionally, the event saw funding contributions from Paper Ventures, Frachtis, the P-OPS Team, and other prominent venture capital firms specializing in cryptocurrency. In total, an equivalent of approximately $1.85 million was raised.

Hyve has been working on its signature solution, HyveDA, stealthily for over a year. It is the only fully permissionless, high throughput data availability solution on the market today with sub-second latency. Additionally, it is designed to scale horizontally, increasing Hyve’s throughput as more nodes are onboarded. 

According to Douwe Fassen, CEO of Hyve, they are confident that their product surpasses competitors significantly in terms of data accessibility and cost-effectiveness.

In the realm of Web3 development, existing infrastructures have often found it challenging to meet the intricate complexity and vast data requirements of contemporary applications. As we transition towards a more decentralized world, the necessity for strong, adaptable, and secure infrastructure has become increasingly vital. Our groundbreaking technology offers an incredible throughput speed of 1GB/s (a whopping 100 times faster than our rivals), enabling developers to create at breakneck pace, with high-throughput, zero latency, scalability, and flexibility.

Hyve intends to utilize the funds for growing its workforce and intensifying promotional activities, all while fostering collaborations with L2, DePIN, DeFi, and gaming platforms, as it moves forward.

Bringing novel data management solutions to LSTFi segment

Roderik van der Graaf, founder and managing partner at Lemniscap, expresses enthusiasm over the concept of their latest venture under their management.

In the fast-advancing Web3 environment, it’s essential that data accessibility offers both low operational costs and high transmission rates. This is crucial for maintaining the scalability, safety, and productivity of decentralized apps (dApps) and blockchain networks. Emerging from stealth mode, Hyve now has an excellent opportunity to expand its collaborative network while assisting developers and businesses aiming to create robust, high-speed, decentralized applications.

New resources will propel Hyve forward in fulfilling their goal of meeting the increasing need for reliable, expandable, and affordable data accessibility. This requirement has become more pressing due to the swift expansion and continuous emergence of decentralized applications (dApps) and Layer 2 solutions.

The protocol utilizes the advanced structure of the restaking protocol known as Symbiotic, a joint venture that offers numerous adaptable vaulting and collateral alternatives for operators. By merging HyveDA’s top-tier data accessibility solution with Symbiotic’s modular staking, shared security, and incentive synchronization, HyveDA delivers the essential speed and expandability to manage demanding data-heavy applications.

Read More

2024-10-17 17:10