Axiom Raises $20M in Series A Led by Standard Crypto and Paradigm

  • Axiom’s Series A funding, led by Standard Crypto and Paradigm, underscores the protocol’s commitment to revolutionizing Ethereum’s data accessibility.
  • By enabling smart contract developers to access historical data and perform intensive computations off-chain, Axiom introduces a new paradigm in blockchain technology. 

In a significant development for Ethereum’s smart contract developers, Axiom, a protocol enabling access to historical data and off-chain intensive computations, has secured $20 million in a Series A funding round. The funding, led by Standard Crypto and Paradigm, will be instrumental in expanding the team and further advancing the platform’s capabilities.

Empowering Smart Contract Developers with Historical Data Access

Axiom stands out as a protocol offering smart contract developers the ability to access historical data from Ethereum, a feature not inherently supported by existing smart contract functionalities. This innovation fills a crucial gap, allowing developers to perform intricate computations off-chain, unlocking new possibilities for decentralized applications.

Zero-Knowledge Proofs Revolutionizing Historical Data Access

Axiom belongs to the latest wave of protocols leveraging zero-knowledge proofs (ZK proofs) – cryptographic techniques confirming transaction occurrences without disclosing specific details. Ethereum’s current limitations prevent smart contracts from directly accessing historical data, leading to the rise of solutions like oracles.

However, oracles come with cost implications and computational constraints. Axiom addresses these challenges by utilizing ZK proofs, enhancing the efficiency and cost-effectiveness of accessing historical data on the Ethereum blockchain.

Axiom’s Approach with Coprocessors and ZK Proofs

The protocol operates a coprocessor, a specialized software component processing data off-chain. Subsequently, the coprocessor transports the verified data to the Ethereum blockchain using ZK proofs. This methodology provides a lower-cost and lower-trust alternative, contributing to scalability and widening user accessibility. Georgios Konstantopoulos, CTO at Paradigm, emphasizes the importance of systems that offer lower costs and increased scalability, aligning with Axiom’s mission to empower users with enhanced functionalities.

V2 Upgrade and Continued Enhancements

Axiom’s recent Series A funding follows closely on the heels of its V2 upgrade, designed to enhance the protocol’s usability for smart contract developers. The mainnet launch in July marked a significant milestone, demonstrating Axiom’s commitment to continuous improvement and innovation in the blockchain space.

Unlocking New Markets with Core Technology

Alok Vasudev, Co-Founder of Standard Crypto, underscores the transformative potential of zero-knowledge proofs. He notes that Axiom is paving the way for uncovering new areas and exploring markets made possible by this foundational technology. The protocol’s ability to issue receipts for computational actions conducted with zero-knowledge proofs opens up novel possibilities, indicating a broader impact beyond its current functionalities.

Axiom Secures $20M Funding to Revolutionize Ethereum’s Historical Data Access

Axiom’s recent $20 million Series A funding, led by Standard Crypto and Paradigm, marks a significant milestone in the evolution of Ethereum’s smart contract capabilities. The protocol’s innovative approach to accessing historical data, coupled with off-chain computations through zero-knowledge proofs, positions it as a trailblazer in the blockchain space.

With a focus on lower costs, enhanced scalability, and continuous improvements, Axiom is not only empowering smart contract developers but also unlocking new possibilities for decentralized applications. The funding underscores growing support for Axiom’s mission, signaling a promising future for the protocol as it strives to shape the landscape of blockchain technology.

Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.

Author: Mehar Nayar

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