Decentralised infrastructure firm MagicBlock has announced a successful raise of $7.5 million USD in their latest seed round.
These funds will be used to further the development of their app-specific real-time extensions for the Solana blockchain. The goal is for these technological advancements to bring the benefits of Layer-2 technology to Solana without splitting the Solana community into multiple fragments – as has been the case on Ethereum.
MagicBlock have confirmed that alongside general development costs, these funds will also be used to expand their engineering team, grow their developer ecosystem, and build the infrastructure required to make real-time on-chain applications for Solana a reality.
Key Insights
- MagicBlock has announced a $7.5 million USD raise
- These funds will assist their infrastructure development on Solana
- Their goal is to bring the benefits of Layer-2 networks to the Solana Layer-1
- This hopes to avoid the fragmented community found amongst Ethereum Layer-2 networks
- The funds will also help to expand their team and grow their developer ecosystem
Source: MagicBlockWhat is MagicBlock?
MagicBlock is a blockchain infrastructure company that’s focused on Solana. They assist blockchain-based games and applications with general development needs, efficiency improvements and scaling capabilities, ensuring both a smooth launch and the necessary infrastructure to manage a growing user base.
In order to improve their offerings, MagicBlock have developed Ephemeral Rollups – a new technology for developers that allows for ultra-low latency solutions right on the Solana blockchain. These rollups allow for on-demand execution delegation with direct access to Solana-based liquidity pools and tooling – meaning you get all the developments of Layer-2 networks on the main Solana blockchain.
“Every developer wants to build on the fastest chain with the deepest liquidity – that’s Solana. But they also want the customizability and real-time performance of a Web2 server. With MagicBlock, they don’t have to choose,” said MagicBlock co-founder Andrea Fortugno.
Source: MagicBlockWhat projects use MagicBlock?
A number of prominent projects already utilise MagicBlock’s technology. This includes derivatives platform Flash Trade, memecoin game Supersize, video services platform dTelecom and many more.
The hope is that with this new funding, MagicBlock can double-down on the development of their Ephemeral Rollup technology, increase support to their existing partners, and give them the runway to expand the number of partners they are able to support.
In a statement, the MagicBlock team said that; “Appchains offer customization but fracture liquidity. L2s reduce fees but break composability. Builders are forced to compromise. MagicBlock solves that.”
With games such as Star Atlas, MixMob and Honeyland continuing to prosper, Solana is growing as a home for stellar blockchain games – and MagicBlock could playa key role in the next generation of Solana-based games making a big impact.
