**British Virgin Islands, November 7th 2024** — Cytonic, the world’s pioneering multi-virtual-machine blockchain, has made headlines by securing $8.3 million in a seed funding round. The funding was co-led by Lattice and Lemniscap, with contributions from renowned entities such as IOBC, Nomura, Lyrik, Public Works, and Arthur Hayes, among several other esteemed investors.
What is Cytonic?
Developed by MultiVM Labs, Cytonic addresses one of the most critical issues in the blockchain space: compatibility among diverse blockchain networks. With the increasing fragmentation of technologies, developers and users often face obstacles that hinder the maximal utilization of blockchain innovations. Cytonic stands out as a decentralized, optimistically parallelized execution layer that offers a solution to this pressing challenge.
How Does Cytonic Operate?
At its core, Cytonic presents the first Layer 1 blockchain capable of simultaneously running multiple virtual machines on a single network layer while utilizing a shared storage system. This innovative approach permits transactions that involve different state transition functions (STFs) to be executed together as part of a single state transition. Notably, Cytonic emulates the frameworks of existing blockchains such as Ethereum and Solana, enabling compatibility with a wide range of tooling, wallets, and decentralized applications (dApps) that currently function on EVM and SVM ecosystems.
Enhancing Decentralized User Experience
With the introduction of technologies like MultiVM and atomic Cross-VM transactions, Cytonic revolutionizes the user experience typically associated with centralized exchanges (CEXs). By minimizing transaction fees and significantly reducing times for asset transfers between chains, Cytonic makes decentralized applications more user-friendly and accessible. Users on the Cytonic blockchain can perform synchronous Cross-VM atomic swaps, eliminating rollback issues and vulnerabilities usually present in cross-chain transactions.
Examples of Functionality
An exemplary use case of Cytonic’s capabilities allows users to swap Base tokens (ERC20) for Solana tokens (SPL) within the same liquidity pool on a singular decentralized exchange (DEX). This demonstration highlights Cytonic’s architecture, which is designed to seamlessly process multiple virtual machine transactions within a single block. This capability fundamentally resolves various interoperability challenges and reduces the risks tied to multiple disparate blockchain systems.
The Vision Behind Cytonic
Acknowledging the detrimental impacts of compatibility issues on growth within the crypto sector, Cytonic Founder Ivan Miskovic emphasized the urgent necessity for a solution that facilitates horizontal scaling of applications and enhances liquidity management. Miskovic, alongside co-founders Chelsea and Badconfig, brings extensive experience from their backgrounds with major projects across Bitcoin, Ethereum, Solana, and Near. This experienced team is united by a common goal: to simplify on-chain interactions and make blockchain technology more efficient for all users.
Seamless Migration and Deployment
Cytonic’s compatibility with EVM and SVM chains makes it possible for projects from these networks to migrate effortlessly, tapping into liquidity across various platforms. Importantly, developers can deploy existing applications within the Cytonic ecosystem without rewriting their code, fostering a more streamlined development process. This approach not only simplifies user experiences but also minimizes fragmentation, thereby improving ecosystem diversity and aiding in the broader adoption of blockchain technologies.
Industry Insights and Support
Ivan Miskovic expressed gratitude towards the investors, stating: “We sincerely thank our investors for supporting our vision to bridge the gaps between blockchains and create new opportunities for developers and users. We aim to facilitate any wallet from any chain to manage assets on Cytonic, enhancing accessibility at this crucial point in the Web3 evolution.”
Regan Bozman, Managing Partner at Lattice, also shared insights, saying: “Co-leading the $8.3 million round for Cytonic was a proud moment for us. Cytonic is confronting the pressing compatibility issues faced by many innovative projects in the blockchain ecosystem, breaking down barriers and fostering collaboration and growth in the Web3 landscape.”
About Cytonic
Cytonic is at the forefront of blockchain innovation, championing the first multi-virtual-machine blockchain aimed at integrating diverse networks, including Bitcoin, Ethereum, and Solana, into a cohesive Layer 1 solution. With a global reach, Cytonic is dedicated to fostering connectivity and interoperability across a multitude of decentralized networks.
For more information, visit: Cytonic Website | Twitter | Discord
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