- In a Series A investment round structured as stock plus token warrants, Essential has raised $11 million.
- The project is creating an Ethereum Layer 2 blockchain that is intent-centric.
In a Series A financing round headed by Archetype, Essential, an intent-centric Ethereum Layer 2 blockchain developer, raised $11 million.
The Spartan Group, IOSG Ventures, Amber Group, Maven 11, and Big Brain Holdings were among the additional investors, according to Essential on Tuesday. Unidentified angel investors from Hashflow, LI.FI, Sorella, Celestia, and other companies took part in the round as well.
Co-founder and CEO Liesl Eichholz of Essential said that the company finished its Series A investment in June after having started fundraising earlier this year. Eichholz stated that the financing was set up as equity with token warrants, but he would not address the valuation.
After raising $5.15 million in seed fundraising in September of last year, Essential’s total funding to date is $16.15 million thanks to the Series A round.
What Makes Something Essential?
A blockchain company called Essential is building a declarative or intent-centric optimistic rollup of an Ethereum Layer 2 network. Essential uses an intent-based paradigm, as opposed to standard blockchains, which use a transaction-based model (where users supply precise instructions) (where users describe the desired outcome). Essential is a Layer 2 that uses “specialized solvers” to increase performance in managing user intents off-chain. The objectives of this approach are to enhance user experience, reduce on-chain effort, and boost scalability.
Since we are the first effort to develop a blockchain utilizing the declarative method, we don’t have any direct competition, according to Eichholz. Other Layer 2 projects that aim to enhance performance, scalability, and user experience represent our primary competitors.
Important schedule for token launch and mainnet
Today, Essential released Pint, a programming language designed for creating declarative or intent-centric blockchain apps. Furthermore, a pre-alpha devnet for testing purposes and developer documentation acting as a quick-start manual have been made available.
Testnet later in 2024 and mainnet in 2025 are our goals, according to Eichholz. Essential’s objective is to launch its token concurrently with the mainnet, but it depends on a number of circumstances, according to Eichholz, when questioned about the matter.
Right now, Essential employs 12 people worldwide. Eichholz intends to quickly fill a few positions, such as those of head of growth, head of product, developer relations, community growth, and engineering.
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