Rome Raises $9M to Elevate Ethereum: Enhancing Layer-2 with Solana’s Expertise 

Rome Raises $9M to Elevate Ethereum: Enhancing Layer-2 with Solana's Expertise 
Rome Raises $9M to Elevate Ethereum: Enhancing Layer-2 with Solana's Expertise 

Rome Emerges from Stealth Mode with $9M Funding Round

In a related development, Rome, a crypto startup project, has announced its emergence from stealth mode alongside a substantial $9 million funding round. The startup aims to leverage Solana as an auxiliary network to provide crucial services to layer-2 blockchains built atop Ethereum, specifically focusing on shared sequencers and data availability (DA).

Founders and Vision

Founded by Anil Kumar and Sattvik Kansal, Rome seeks to revolutionize how blockchain builders manage Ethereum’s complex components and functions through a modular approach. The project intends to establish Solana as the backbone for shared sequencers and data availability, critical components for the efficiency and scalability of Ethereum layer-2 networks.

Decentralizing Sequencers and Enhancing Data Availability

A sequencer in a layer-2 blockchain is responsible for batching transactions and sending them to the base Ethereum blockchain for settlement. Decentralizing these sequencers is essential to eliminate single points of failure, a common concern in centralized systems. Data availability projects aim to store the extensive transactional data generated by Ethereum layer-2s more cost-effectively than the main Ethereum chain.

Funding and Support

Rome’s $9 million funding round was supported by top-tier investors, including:

  • Hack VC
  • Polygon Ventures
  • HashKey
  • Portal Ventures
  • Bankless Ventures
  • Robot VC
  • LBank
  • Anagram
  • TRGC
  • Perridon Ventures

Notable angel investors include Anatoly Yakovenko, Nick White, Santiago Santos, Comfy Capital, Austin Federa, and Jason Yanowitz. This diverse and high-profile backing demonstrates the significant potential and industry confidence in Rome’s innovative approach.

Leveraging Solana for Efficiency

In a recent interview, co-founder Anil Kumar explained the rationale behind choosing Solana as the supporting network for Rome’s services. “The main thing is, a shared sequencer needs to be its own chain, and it takes a lot of time, a lot of effort to do that, so we were looking for what chain we should use,” Kumar said. He emphasized that Solana, compared to Bitcoin, Cosmos, and Ethereum, stands out as the best state chain for this purpose due to its superior state machine capabilities.

Rome aims to enable “atomic transactions” between Ethereum layer-2 networks. Atomic transactions involve multiple steps across different blockchains, and if any part fails, the entire transaction is voided, ensuring users are only charged for the minimal cost of a Solana transaction. This feature promises enhanced efficiency and reduced risk for users engaged in complex blockchain transactions.

The Modular Blockchain Movement

Rome’s approach aligns with the broader trend of modular blockchains, where specific functions traditionally handled by the main Ethereum chain are outsourced to specialized projects. This modularization is intended to optimize performance, reduce costs, and enhance the scalability of blockchain networks.

Other projects in this space include Metis, an Ethereum layer-2 project with a decentralized sequencer, and Espresso Systems, which is developing an “L2 sequencing marketplace.” These initiatives highlight the growing industry focus on unbundling Ethereum’s core functions to improve overall network efficiency and reliability.

Future Prospects and Industry Impact

As Rome embarks on its mission to transform Ethereum’s infrastructure with Solana, the blockchain community eagerly anticipates the impact of this innovative project. With significant financial backing and a clear vision, Rome is well-positioned to address some of the most pressing challenges in the blockchain space.

By decentralizing sequencers and improving data availability, Rome aims to contribute to a more robust, scalable, and cost-effective Ethereum ecosystem. As the project progresses, it will be crucial to monitor its developments and the broader implications for the future of modular blockchains.

Rome’s emergence from stealth mode and its substantial funding round mark a pivotal moment in the evolution of blockchain technology. By leveraging Solana to enhance Ethereum layer-2 networks, Rome is poised to play a critical role in the ongoing transformation of the blockchain landscape. As the project unfolds, it promises to deliver innovative solutions that could set new standards for efficiency, scalability, and security in the decentralized world.