Quick take:
- Lagrange will use the capital to accelerate the development of its platform.
- The company has already onboarded crypto exchange company Kraken and digital asset company Galaxy Digital as operators.
- Lagrange enables various blockchain protocols to run computations cheaply and quickly off-chain.
Lagrange, an EigenLayer-based cryptography startup using zero-knowledge proofs to speed up transactions on Ethereum has completed a $13.2 million seed round led by Peter Thiel’s Founders Fund.
The fundraising also attracted participation from Archetype Ventures, 1kx, Maven11, Fenbushi Capital, Volt Capital, CMT Digital, Mantle and Ecosystem.
The company will use the funds to accelerate the development of its platform as EigenLayer continues to build its restaking technology.
Lagrange describes its product as “an off-chain network of specialized nodes that execute intensive computations and generate ZK proofs of the result.” The platform is scheduled or release later this month amid a rising interest in EigenLayer-based products.
According to a company statement, decentralised apps can use its platform to “verifiably access computations that would otherwise be too heavy to compute on-chain, without ever having to trust the off-chain prover to give them the correct result.”
“Our proving systems and our proof constructions are able to scale to these very big-data scales of verifiable computation that otherwise would have, historically, been infeasible,” Lagrange founder Ismael Hishon-Rezaizadeh said in an interview cited by CoinDesk.
The demand for crypto restaking has been on the rise, with EigenLayer leading the charts. Since launching its mainnet last month, the platform’s total value locked (TVL) reached an all-time high of $16.33 billion according to data from DeFiLlama.
With the rising interest in restaking, there is a need for a faster and more cost-effective way of executing transactions. Lagrange is using zero-knowledge proofs to run some “kinds of computations cheaply and quickly off-chain.”
The platform has already onboarded leading crypto exchange company Kraken and digital asset services provider Galaxy as operators of its infrastructure ahead of its launch,” Hishon-Rezaizadeh said.
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