Pell Network Secures $3M Funding to Build Omnichain DVS Network

London, UK, October 17th, 2024, 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 Mirana Ventures. Incubator D11-Labs and key investor Delta Blockchain Fund, also participated in this round, along with a diverse group of investors including ArkStream Capital, Mantle EcoFund, Web3Port, Caliber Venture Builder, Cogitent Ventures, Contribution Capital, J17 Capital, Sats Ventures, Side Door Ventures, 071Labs, and individual angels.

The funds will be used to develop Pell's innovative network, which aims to build an omnichain 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.

Oliver Blakey, co-founder of Paper Ventures, expressed enthusiasm for Pell's vision, stating, "Pell's vision for a universal trust network aligns perfectly with the evolving needs of BTCFi users. We are excited to support their journey in addressing critical challenges and unlocking fresh possibilities for Bitcoin-based DeFi."David Toh, Managing Partner of Mirana Ventures, highlighted Pell's unique approach: "Pell Network brings a new approach to restaking that enhances the user experience while providing differentiated revenue streams at a lower cost to developers. We are excited to support their vision of creating an Omnichain DVS network powered by restaking."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 bootstrapping. 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 + 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 omnichain DVS(Decentralized Validation Service) network driven by cryptoeconomics, 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: https://pell.network/

X: https://x.com/Pell_Network

Discord: https://discord.com/invite/pell-network

Telegram: https://t.me/Pell_Network

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This article was originally published on Chainwire

Source: Investing.com