The next-generation fail-safe multichain protocol t3rn has been successful in raising $6.5 million in a strategic funding round headed by Polychain Capital, the most prominent digital asset investment firm in the world. Investors in this strategic round included Blockchange, Lemniscap, D1 Ventures, Huobi Ventures, Figment Capital, Bware Labs, MEXC, Open Process Ventures, NetZero Capital, as well as a variety of famous angel investors from the industry, many of whom are successful company founders.
Ben Perszyk, Partner at Polychain Capital, said, “Interoperability between layer-1 blockchains and the applications built on top of them will help improve efficiency and liquidity across the ecosystem by reducing fractured liquidity pools and increasing composability across different execution environments. t3rn is building an expressive protocol for generalizable function calls across different chains – an ambitious undertaking that will unlock new behaviors for crypto builders and users.”
Enabling Trust-Free Collaboration Between Blockchains
The Polkadot ecosystem, as well as other ecosystems, can now make use of fail-safe, interoperable execution and smart contract composability thanks to t3rn, a multichain protocol. The ultimate objective of t3rn is to make it possible for blockchains to work together in a trustless manner, as well as to build an environment in which anyone can use and deploy an interoperable smart contract, and in which developers are appropriately compensated for their contributions.
Maciej Baj, Founder and Chief Technology Officer of t3rn, said, “The future of Web3 is multichain. This means that transactions across multiple blockchains can and should be as easy and safe as those on a single chain. t3rn supports this new paradigm in cross-chain programming. This strategic funding round supports the development of our innovative approach to blockchain interoperability.”
t3rn aims to be the next generation of multichain composability. It offers fail-safe smart contract interoperability with the ease of an SDK, regardless of how many different blockchains are involved. And in contrast to bridges, t3rn makes it possible to create multi-step transactions that take place across multiple chains using only a single call.
Ken Seiff, the Managing Partner of Blockchange Ventures, said, “It’s one thing to say we need interoperability across blockchains and another to actually build it. t3rn is actually doing it. They are enabling the future where smart contracts can actually execute across chains instead of being bounded by one chain or being forced to work across risky bridges.”
Building A Game-Changing Solution In A Measured Manner
Since the company’s beginning, t3rn has been an active participant in the Substrate Builders Program, through which it has helped to foster the growth of the Polkadot ecosystem. In addition to this, the protocol is stating that it has successfully completed its second grant from the Web3 Foundation, which was intended to further create XBI, a new XCM-based standard for the communication of smart contracts.
Jacob Kowalewski, Chief Strategy Officer at t3rn, said: “We are incredibly proud to not only have the support of some of the foremost investors in the space but also to be continually delivering on ambitious grants for the Web3 Foundation. In a time when multichain solutions are hindered by hacks and exploits, we at t3rn are committed to building a game-changing solution in a measured manner, and we look forward to becoming a pivotal part of a secure multichain world.”
The synchronization of several chains entangled by a single contract continues to be a difficulty for the industry. The immutability of changes that work in the context of single-chain execution but fail in the context of interoperability is the most significant barrier to freely linking various execution phases. t3rn solves the existing challenges by establishing a unique decentralized Circuit across interoperable smart contracts, where execution is constrained by a single transaction across different blockchains.
Roderik van der Graaf, Founder and Managing Partner at Lemniscap said: “Considering the contours of today’s multi-blockchain environment, the need for smart contract interoperability has never been more pronounced. At Lemniscap, we’re particularly excited about driving the development of multichain solutions and cross-chain interoperability. As frontrunners in the space, t3rn is greatly extending the accessibility to multiple decentralized applications, enabling developers to seamlessly create cross-chain applications.”
t3rn will explore the present state of blockchain interoperability and identify potential problems, such as the lack of security requirements for assembling interoperable execution across various blockchains. The transactions executed by Circuit are capable of composing execution on various chains and orchestrating outcomes within an interoperable environment.