Ethereum bridge router protocol seeking to build its own L1 through strategic funding

Ethereum and BNB Chain Bridge Router Protocol have closed an oversubscription funding round to expand the bridge to more networks.

Router Protocol, a modular cross-chain framework for building interoperable applications. By connecting different blockchain ecosystems, bridges play an important role in creating a more cohesive and streamlined network.

It will be launched on the Polygon and BSC chains in 2022 with the goal of making life easier for future Web3 users.

Router Protocol said in a press release that it recently raised more funds than expected for further development, but did not disclose the exact amount. The investment realized from this raise will be used to power its own fully functional layer 1 blockchain, isolated from the Binance and Polygon ecosystems.

“Router Chain embodies an evolution of our unwavering vision to build a universal interconnection layer between fragmented L1/L2 networks,” Ramani Ramachandran, CEO of Router Protocol, said in a press release. said.

He added that the goal is to eliminate complexity.

The team is “focused on providing a seamless and intuitive user and developer experience for multichain applications,” he added.

According to Shubham Singh, CTO of Router Protocol, the ecosystem has experienced tremendous growth with cross-chain projects like FolioX and StakeEase deciding to make a name for themselves by leveraging the unique characteristics of the protocol.

In another development, Router Protocol achieved an important milestone with the successful launch of Router Nitro. This cross-chain bridge leverages an innovative reverse verification method to deliver speed and gas efficiency.

Since launch, the Nitro bridge has facilitated over $350 million in trading volume, processed over 650,000 transactions, and attracted nearly 300,000 unique users in four months.

This highlights the growing demand for seamless cross-chain interactions.

The protocol will soon launch ecosystem grants for prospective projects based on Router Chain.

Edited by Stacey Elliott.