Quick take:
- The company will use the funds to accelerate the development of its abstraction layer for shared security primitive.
- The platform allows developers to self-deploy custom computational services over trustless execution environments.
- Othentic says its platform enables AVS developers to focus on their core services, thus minimising engineering overheads.
Othentic, a Web3 orchestration and abstraction layer for AVS developers on both EVM and non-EVM blockchains has secured a $4 million seed round co-led by Finality and Breyer Capital.
The Fundraising also attracted participation from Coinbase Ventures, Collider VC, HashKey Capital, Bankless Ventures, Robot Ventures, Everstake, PunkDAO and several angel investors.
Othentic is building a distributed tech stack that allows developers to self-deploy custom computational services over trustless execution environments.
“The Othentic Stack orchestrates and abstracts the shared security primitive, allows AVS developers to self-deploy custom computational services over trustless execution environments and a network of Operators that run arbitrary compute tasks,” the company said in a post on X.
According to the company’s blog post on Mirror, Othentic is introducing what it calls “Stateless Rollups”, which gives AVS (actively validated services) access to decentralized compute scalability, offering “a flexible and secure framework for the execution of off-chain computations.”
According to Othentic, stateless rollups are compatible with both EVM and non-EVM blockchains and provide their services to other networks and applications. They include coprocessors, relayer networks, decentralized RPCs, oracles, ZK provers, exploit prevention systems, privacy-preserving computations, and other novel services.
“Leveraging a library of production-ready components, AVS developers can focus on their core service, minimize engineering overheads, and abstract away low-level implementations and error-prone infrastructure details,” Othentic wrote on X.
This fundraising comes amid the rise of shared security and actively validated services on platforms like EigenLayer on Ethereum and Babylon Chain on Bitcoin, which have paved the path for the development of decentralised services.
“In the new shared security economy, networks are required to execute diverse on-chain and off-chain computation work that represent unique services offered by AVSs,” Othentic wrote in the blog post, highlighting the important role its orchestration layer will play in the evolving dApp ecosystem.
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