Fuel Labs, a startup focused on blockchain scalability solutions, has raised $80 million from Blockchain Capital and Stratos Technologies.
Today, we’re proud to announce $80M of support led by @BlockchainCap and @StratosXYZ!
Fuel is the fastest Modular Execution Layer delivering the highest flexible throughput with maximum security guarantees for the Ethereum ecosystem.https://t.co/HC25Q1DmxW
— Fuel Labs (@fuellabs_) September 6, 2022
The round also saw participation from Alameda Research, CoinFund, Bain Capital Crypto, TRGC, Maven 11 Capital, Blockwall, Spartan, Dialectic and ZMT.
The valuation of the startup was not disclosed.
The project markets itself as a ‘modular execution layer’, comparable to L2 solutions like Polygon.
“Industries need changes that will open up new use cases for the next generation of DeFi. Fuel aims to address this by developing execution for the modular stack, namely L1 with high throughput potential, which is characterised by new styles of execution,” said Nick Dodson, co-founder of Fuel Labs, The Block.
Earlier, Huobi Research showed that institutional investors in Asia more interested in infrastructure projects than in newer sectors such as DeFi and GameFi.
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