🔷The startup Conduit raised $37 million in a Series A funding round, led by Paradigm Capital and Haun Ventures.
🔷The new funding will help continue scaling Ethereum. The developers are working to simplify the processes of deployment, scaling, and creating their own accumulation packages.
🔷Conduit’s accumulation packages process around 20% of transactions on the Ethereum network and scale gas usage 15 times higher than the Layer 1 (L1) network. The total value locked (TVL) exceeds $1.2 billion. The company is also collaborating with projects in the DeFi sector. This year, Conduit is working on creating affordable and high-performance Layer 3 (L3) networks.