The Trustless Omni-chain ledger protocol Cycle Network announced its first fundraising and Testnet Launch
The fully Trustless Omni-chain ledger protocol, Cycle Network, has successfully secured a multi-million dollar investment in its initial funding round. This financial milestone was led by Vertex Venture, a member of Temasek Holdings, and co-led by Summer Ventures. Other participants include LTP, Super Chain Capital, GSG Digital, etc…
In a groundbreaking stride towards solving the interoperability dilemma in the blockchain space, Cycle Network unveils its pioneering solution aimed at harmonizing the fragmented landscape of blockchain networks. Through its innovative Omni Distributed Ledger Technology (ODLT), Cycle Network introduces a seamless method for blockchains to interact and exchange information trustlessly, promoting end users a seamless and unified experience towards Web3.
Cycle Network’s initiative addresses the core challenges hindering the blockchain industry, including convoluted user experience, fragmented blockchain liquidity, and the complexities associated with developing and managing omni-chain dApps. By leveraging its unique components, such as the Omni State Channel Indexer (OSCI) and Trustless Cross Chain Protocol (TCCP), Cycle Network facilitates a more fluid, secure, and efficient exchange of states across different blockchain architectures.
The heart of Cycle Network’s approach is the commitment to bridge the gap between the two primary state models in blockchain technology: the Account model and the Unspent Transaction Output (UTXO) model. This endeavor not only promises to enhance interoperability among diverse blockchains but also aims to streamline the user experience, allowing users to seamlessly interact with dApps across various chains with enhanced security and convenience.
The introduction of the Cycle Layer further exemplifies Cycle Network’s commitment to a dApp-centric future, where developers can create applications that operate seamlessly across multiple blockchain ecosystems, thereby fostering greater innovation and mass adoption. This layer acts as a catalyst for transcending the current limitations of blockchain interoperability, paving the way for a more interconnected and efficient decentralized world.
To set the stage for further innovation, Cycle Network has expanded its capabilities to support the EVM ecosystems and has launched the Starfish Testnet, setting the stage for further innovations. With plans to support leading non-EVM ecosystems such as Bitcoin (BTC), Solana (SOL), Cosmos, and Move-based ecosystems, Cycle Network is rapidly advancing towards creating a truly omni-chain future.
Cycle Network is set to launch PiggyBank, a smart tool to address the issue of cryptocurrency users having their crypto dispersed across different blockchains, making them difficult to use effectively due to fragmentation. PiggyBank significantly reduces cross-chain fees and risks for users and increases the liquidity and accessibility of funds. By consolidating fragmented assets into a single, unified entity, PiggyBank allows users to manage and utilize the separate crypto assets more efficiently in a streamlined approach.
Cycle Network is leading the blockchain community towards a future of greater integration and collaboration, and it is inviting developers and Web3 enthusiasts to join in the journey of redefining the possibilities of blockchain technology. With its innovative solutions and forward-looking mindset, Cycle Network is set to empower the next generation of blockchain applications, expand a broader adoption, and unlock the full potential of a truly decentralized internet.
ETHDenver
We are currently attending ETHDenver, and our booth is located at 308. Welcome to experience our products and discuss potential collaborations with us.
Additionally, during the ETHDenver, Cycle network’s first omnichain case — ‘Piggybank’ V0.2 testing campaign, will also be launched! Join to earn your whitelist for future airdrops. Stay tuned!
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