Singapore, August 16, 2024 – LBank Labs proudly announces its strategic investment in Rome Protocol, a pioneering project that leverages Solana to enhance the efficiency and scalability of Ethereum Layer-2 solutions. This investment is part of a $9 million funding round that includes top-tier investors such as Hack VC, P2 Ventures, HashKey, Portal Ventures, Bankless Ventures, and several notable angel investors.
About Rome Protocol
Rome Protocol, founded by Anil Kumar and Sattvik Kansal, is set to revolutionize the blockchain landscape by utilizing Solana as an auxiliary network to provide essential services to Ethereum Layer-2 blockchains. The protocol focuses on creating shared sequencers and data availability (DA) services, which are critical for managing complex transactions and large data volumes associated with decentralized applications (dApps) on Ethereum.
Leveraging Solana’s rapid and efficient throughput, thanks to its Proof of History (PoH) and Tower BFT algorithms, Rome Protocol offers significant advantages such as enhanced speed, improved user experience, and reduced costs. It addresses key challenges like low censorship resistance, single points of failure, limited interoperability, and opaque ordering, setting a new standard for Layer-2 scalability.
For more details on Rome Protocol's vision and technical specifications, visit their official documentation.
Significance of LBank Labs’ Investment
LBank Labs' investment in Rome Protocol highlights its commitment to supporting innovative projects that address critical infrastructure needs in the blockchain ecosystem. By backing Rome Protocol, LBank Labs aims to contribute to the development of a more modular and scalable blockchain infrastructure capable of meeting the growing demands of decentralized protocols.
"Rome Protocol's approach to using Solana for shared sequencers and data availability represents a significant advancement in the Solana space. By leveraging Solana's Proof of History and Tower BFT algorithms, Rome addresses key challenges such as low censorship resistance, single points of failure, and limited interoperability," said Nathalie Yang, Principal at LBank Labs.
Rome Protocol plans to open a closed network to developers this month, with a test network slated for the end of 2024 and a main network launch in mid-2025. This timeline reflects their commitment to rigorous development and testing to ensure a robust and reliable platform for their users.
About LBank Labs
LBank Labs, with its $100 million AUM, is renowned for its strategic investments in the blockchain and cryptocurrency space. Its portfolio includes innovative projects like Entangle, Puffer Finance, LunarCrush, Navi Protocol, Exabits, and Hivello, as well as significant investments in VC funds such as Collab Currency, SevenX Ventures, IOSG Ventures, and Blockchain Builders Fund.
For further inquiries or media requests, please contact:
Eddy Wang, PR Manager at LBank
Email: eddy.wang@lbank.com
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