Obol Labs Raises $12.5M Series A Funding to Make Proof-of-Stake Blockchains More Secure
Latest funding, led by Pantera Capital and Archetype, accelerates the deployment of Distributed Validator Technology, a core technology on the Ethereum scaling roadmap that improves resiliency and decentralization
NEW YORK, Jan. 17, 2023 (GLOBE NEWSWIRE) -- Today, Obol Labs announced the close of a $12.5 million Series A financing round. Pantera Capital and Archetype co-led the round, with new participation from BlockTower, Nascent, Placeholder, Spartan, and IEX, and follow-on investment from Coinbase Ventures and Ethereal Ventures. This latest round brings Obol Labs' total financing to $19M, making it the best-capitalized software team focused on developing Distributed Validator Technology to decentralize and secure blockchain staking.
In September, Ethereum upgraded to Proof-of-Stake, a consensus mechanism that laid the foundation for more democratized network participation by allowing individuals with 32 ETH to run a node and validate the network. However, technical expertise is still needed to operate a node while avoiding offline and slashing penalties. For many that don't have the necessary expertise to maintain a node or want to stake in smaller quantities, exchanges and staking-as-a-service providers have filled a major market gap, now representing ~75% of the estimated $20B staked on Ethereum. While providing an important service, centralized management of stake creates a risk to the integrity of the entire network. For Ethereum to be a global settlement layer, its middleware also must be incorruptible and credibly neutral.
Obol Labs, as the leading builder of Distributed Validator Technology (DVT), is directly solving the issue of single points of failure in staking infrastructure. DVT is a technology primitive that allows an Ethereum Proof-of-Stake validator to be run simultaneously on more than one machine (mentioned in Vitalik Buterin's Ethereum roadmap). The major breakthrough is the ability to split up a single validator private key, making it possible for a group of people to share validation rights of an Ethereum validator. The company's raise in the depth of crypto winter, as venture funding has decreased by over 60%, validates the importance of DVT for the next generation of Web3 scalability.
Running a validator as a cluster of nodes means more staking resilience: validators are less likely to go offline; validator keys are less likely to be compromised; and there is less correlation risk for the entire network if validator clients have software bugs. Ultimately, DVT allows network validators of any magnitude to increase resilience, distribution of stake, and security.
Collin Myers, Obol Labs CEO and Co-Founder: "Turbulent events of 2022, including the FTX collapse, make decentralization a key priority on all levels of the Web3 stack. To make networks more secure, staking must be decentralized by design. Obol's DVT brings decentralization and resiliency to the ground floor of staking products. Our current focus is Ethereum, but in the future, we'll have implementations with Cosmos and Ethereum L2 networks."
"Obol Labs have excelled in bringing together a community of solo stakers and staking-as-a-service providers alike to advance Distributed Validator Technology. Obol plays a critical role in improving validator participation and scaling Ethereum through its next phase of growth. We are also excited to see how Obol advances DVT among other Proof-of-Stake blockchains in the coming year," said Paul Veradittakit, General Partner of Pantera Capital.
Oisín Kyne, CTO at Obol Labs, added, "Today, we think of validators as individuals or single entities. We think validators should actually be run as groups. Instead of only being able to run a validator alone, we want to enable you to run validators with a community of other stakers cooperatively."
Obol Labs is actively working with leading liquid staking protocols like Lido, Stakewise, and more to implement DVT into their operator set. In addition, a large majority of Obol's earliest seed supporters are the likes of Coinbase Ventures, Figment, Blockdaemon, Chorus One, and a collection of other industry-leading validators that are actively testing, adopting, and helping build Obol's DVT technology.
"Today, staking-as-a-service protocols and providers make up the most adopted segment of the staking industry, which makes it the most critical segment to advance infrastructures that improve staking resiliency and decentralization," said Ash Egan, Founder and General Partner of Archetype.
In addition to working with larger validators, Obol Labs is helping to improve solo validator participation with their active community of 9,000+ members across 20+ countries. Together, at-home validators participating in Obol Labs testnets are running hundreds of multi-continent distributed validators on the Ethereum Goerli network with other operators using the recently launched DV Launchpad.
Obol Labs' Series A will accelerate the Obol Network's roadmap for bringing DVT to Mainnet Ethereum. Obol will also support the advancement of DVT across other Layer 1 Proof-of-Stake blockchains like Cosmos, as well as the L2 ecosystem to help address the resiliency of sequencers.
About Obol Labs:
Obol Labs is an R&D team building infrastructure technologies for Ethereum and other Proof-of-Stake blockchains to scale consensus and ensure decentralization. Consisting of members across 13+ countries, the core team is currently focused on bringing Distributed Validator Technology to Ethereum. Follow at obol.tech or @ObolNetwork.
- Obol talks on DVT at DevCon '22
- Messari Report on DVT
- Staking Rewards Report on the Staking Ecosystem & DVT
This content was issued through the press release distribution service at Newswire.com.
AttachmentTo view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml.globenewswire.com, please give your consent at the top of this page.
About GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York
GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Subscribe to releases from GlobeNewswire by notified
Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from GlobeNewswire by notified
Galapagos announces topline results from Phase 3 DIVERSITY trial of filgotinib in Crohn’s disease8.2.2023 22:01:00 CET | Press release
The two induction cohorts missed the co-primary endpoints of clinical remission and endoscopic response at Week 10In the maintenance phase, filgotinib 200mg once daily achieved the co-primary endpoints of clinical remission and endoscopic response at Week 58The safety findings were generally consistent with the known profile of filgotinib in rheumatoid arthritis (RA) and ulcerative colitis (UC)Galapagos decided not to submit a Marketing Authorization Application in Europe based on these topline dataGalapagos remains fully committed to filgotinib, a JAK1 preferential inhibitor orally administered once daily, and its approved indications, RA and UC, and is on track to start a Phase 3 trial in axial spondyloarthritis (AxSpA) later this year Mechelen, Belgium; 8February2023, 22:01CET; regulated information; Galapagos NV (Euronext & NASDAQ: GLPG) todayannouncedthe topline results from DIVERSITY,a global Phase 3 trial to evaluate the safety and efficacy of filgotinib,100mg or 200mg once dail
X8 AG Submits a Swiss Fintech Licence Application8.2.2023 21:21:16 CET | Press release
X8 AG submitted the application for a Swiss FinTech license according to Art. 1b Banking Act with the intention of operating a regulated global stablecoin system BAAR, Switzerland, Feb. 08, 2023 (GLOBE NEWSWIRE) -- The X8 AG team has successfully submitted the application to FINMA, the Swiss Financial Market Supervisory Authority, for the Swiss FinTech license according to Article 1b Banking Act. This marks an important step for X8 AG on its way to become a fully regulated global stablecoin system and significantly differentiating itself from the current non-regulated crypto space. Switzerland offers one of the most advanced regulatory frameworks for digital assets. X8 AG believes that designing its stablecoin system under Swiss law is the best starting point to achieve a global X8 cross-border framework for payments. Full compliance with the Swiss regulatory framework strengthens the high standards of protection for clients. X8 AG aims to empower users and their money with frictionles
GN Store Nord announces intention to initiate a rights issue8.2.2023 20:08:16 CET | Press release
NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, JAPAN OR ANY OTHER JURISDICTION WHERE THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL This announcement does not constitute an offering memorandum or a prospectus as defined by Regulation (EU) No. 2017/1129 of 14 June 2017. The offer to acquire securities pursuant to the offering is made, and any investor should make their investment decision, solely on the basis of information that is contained in the prospectus to be made generally available in Denmark in connection with the offering. GN Store Nord announces intention to initiate a rights issue In accordance with our announcement on November 11, 2022, GN has conducted a comprehensive review of the appropriate capital structure. In light of the current macroeconomic environment and GN’s leverage, GN announces today that it intends to raise gross proceeds of DKK 7 billion in the first half
Nokia Corporation: Repurchase of own shares on 08.02.20238.2.2023 20:00:00 CET | Press release
Nokia Corporation Stock Exchange Release 8 February 2023 at 21:00 EET Nokia Corporation: Repurchase of own shares on 08.02.2023 Espoo, Finland – On 8 February 2023 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows: Trading venue (MIC Code)Number of sharesWeighted average price / share, EUR*XHEL282,2294.39CEUX20,3804.39AQEU6,3784.39TQEX5,0134.38Total314,0004.39 * Rounded to two decimals On 3 February 2022, Nokia announced that its Board of Directors is initiating a share buyback program under the authorization granted by Nokia’s Annual General Meeting on 8 April 2021 to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The second phase of the share buyback program in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 5 April 2022 started on 2 January 2023
Interim report 2022/23 - 15% revenue growth and DKK 145 million operating profit (+25%) for the first half following a challenging second quarter8.2.2023 18:57:07 CET | Press release
ANNOUNCEMENT NO. 234 9 February 2023 Interim report for the first half of 2022/23 15% revenue growth and DKK 145 million operating profit (+25%) for the first half following a challenging second quarter Steen Søndergaard, CEO: “Following a very satisfactory 2021/22 with historically high revenue and operating profit growth rates, revenue for the first half of 2022/23 unfortunately disappointed, despite 15% growth. Second quarter sales of instruments, particularly in the North American market, were challenged by a generally more subdued investment sentiment in our primary business segment, cell-based therapy. Our order intake was mainly impacted by weakened demand from capital-sensitive development companies. On the other hand, we saw continued satisfactory growth in sales of consumables and services. Despite the unfavourable market conditions, our earnings continued to grow. While our market is currently affected by the prevailing macroeconomic environment, we have a strong underlying