Rome, a new crypto business, has come out from secret mode, announcing $9 million in funding. The idea is to use Solana as a supporting network that assists layer-2 blockchains on Ethereum. High-level investors were drawn to this investment round.
Key Investors
The financing round included contributions from:
- Hack VC
- HashKey
- Portal Ventures
- Bankless Ventures
- Robot VC
- LBank
- Anagram
- TRGC
- Perridon Ventures
- Notable angels: Anatoly Yakovenko, Nick White, Santiago Santos, Comfy Capital, Austin Federa, Jason Yanowitz
Founders and Vision
Anil Kumar and Sattvik Kansal founded Rome. The startup aims to establish Solana as the backbone for shared sequencers and data availability (DA).
Shared Sequencers and Data Availability
Shared sequencers batch transactions from layer-2 blockchains and send them to the base Ethereum chain. Decentralizing these sequencers can prevent single points of failure. DA projects store transactional data from Ethereum layer-2s at lower costs than the main Ethereum chain.
Why Solana?
Kumar explained in an interview that Solana was chosen for its efficiency as a state machine. Compared to Bitcoin, Cosmos, and Ethereum, Solana stood out as the best option.
Atomic Transactions
Rome aims to enable atomic transactions between Ethereum layer-2 networks. These transactions involve multiple legs on different blockchains. If any part fails, the whole transaction is void, costing only the low fee of a Solana transaction.
Competing Projects
Rome joins other projects working on shared sequencers and DA. Here are some notable competitors:
- Metis: An Ethereum layer-2 project running a decentralized sequencer.
- Espresso Systems: Building an L2 sequencing marketplace.
- NEAR Foundation: Spun out Nuffle Labs with $13 million funding to provide DA.
- Avail: Plans to integrate its DA network into five Ethereum layer-2s, including Arbitrum, Optimism, Polygon, StarkWare, and zkSync.
Timeline and Future Plans
Rome will open a closed network to developers this month. A test network is planned for the end of 2024, with the main network launch expected in mid-2025.
Summary of Features and Competitors
Feature | Rome | Competitors |
Shared Sequencers | Uses Solana as an auxiliary network | Metis, Espresso Systems |
Data Availability | Low-cost storage for Ethereum layer-2s | Nuffle Labs (NEAR Foundation), Avail |
Funding | $9M from top-tier investors | Nuffle Labs ($13M), other undisclosed amounts |
Atomic Transactions | Between Ethereum layer-2s | No direct competitors in atomic transactions |
Network Launch | Closed network (2023), Test network (2024), Main network (2025) | Various timelines depending on the project |
Rome’s innovative approach of using Solana to support Ethereum layer-2s aims to make blockchain transactions more efficient and cost-effective. The startup’s strategic funding and strong backing position it well in the competitive crypto landscape.
Disclaimer
FAQ
Blockchain is a distributed ledger technology ensuring secure and tamper-proof transactions, shared across a network.
Yes, blockchain enhances cybersecurity by making data difficult to hack or alter through it's decentralized structure.
Blockchains record cryptocurrency transactions like Bitcoin securely and transparently.
