New York, New York, May 9, 2024, Chainwire
Arch Raises $7M Led by Multicoin Capital to Build First Bitcoin-Native App Platform
ArchVM enables bridgeless applications on the world's largest and most secure blockchain
The combination of the Taproot update in November 2021, which introduced smart contract-like functionality to the Bitcoin blockchain via Schnorr signatures, Merkelized Abstract Syntax Trees (MAST), and Tapscript, and the arrival of Ordinals in January 2023, which pioneered arbitrary data inscriptions. directly into Bitcoin transactions, it paved the way for full-fledged applications in Bitcoin. Since then, the prospect of Bitcoin programmability has spurred renewed interest in the world's most secure blockchain, creating a flurry of development activity that now includes more than 50 Bitcoin “Layer 2 Networks.” While designed to leverage Bitcoin, these networks require stakeholders to connect assets to nascent networks, weakening the user experience and going against the core ethos of Bitcoin users to be able to participate in DeFi on Bitcoin. In contrast to them, Arch is the first bitcoin-native application platform; It brings bridgeless trading directly to the Bitcoin blockchain and does not require stakeholders to bridge.
“Ordinals marked a fundamental change in the evolution of Bitcoin. He signaled the beginning of a new era in which Bitcoin could serve as more than just a payments ledger; It could take advantage of its robustness and security to also be the canonical base layer for complex protocols. This moment paved the way for Arch. “We are leveraging Bitcoin’s unmatched security and liquidity to unlock an entirely new application ecosystem on the world’s most secure and liquid blockchain,” said Matt Mudano, co-founder of Arch. “
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Arch Network is a parallelized proof-of-stake network that uses zk-proofs to improve Bticoin's native programmability. The network consists of a Rust-based zkVM, called ArchVM, and a decentralized verification network. Together, these components form a trustless execution environment directly within the Bitcoin blockchain that enables bridge-free trading experiences. Arch not only preserves the security and liquidity of Bitcoin, but also significantly enhances its capabilities, enabling fast, secure, and fully verifiable applications on Bitcoin for the first time.
“We have evaluated several Bitcoin Layer 2 and they all make the same set of trade-offs that sacrifice security for speed. Arch is not explicitly a Layer 2 in the sense that receivers do not have to connect assets to some untrusted chain to use them. Bitcoin developers are excited to develop Bitcoin because it is the most secure blockchain in the world. If they wanted speed, they would build on top of another network like . “Arch offers Bitcoin-aligned and principled users and developers the only way to create native Bitcoin experiences without stakeholders having to sacrifice asset custody to a less secure and less decentralized Layer 2,” said Vishal Kankani. , chief investment officer at Multicoin Capital. “Once the market appreciates this, we expect the vast majority of Bitcoin development activity to quickly move to Arch. Arch transforms Bitcoin from a store of value to a robust platform where a wide range of dApps, from finance to gaming and more, they can prosper.”
Several projects within the Bitcoin ecosystem have already begun migrating to Arch. Liquidium, the leading lending and borrowing marketplace in Bitcoin, recently began incorporating liquidity pools leveraging Arch to support both instant liquidity loans and fungible token pools, something that Bitcoin, even discrete ledger contracts (DLC), are unable to support natively. There are currently over 20 projects in stealth stage, across stablecoins, decentralized exchanges, lending/borrowing markets, and more, based on Arch's devnet network. As excitement around Bitcoin grows, the Arch Foundation plans to support the ecosystem through upcoming grant programs and hackathon.
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To start building bridgeless applications on Bitcoin or to learn more about Arch, visit ###
About the bow
Arch is the first Bitcoin-native application platform that unlocks bridgeless DeFi on the world's largest blockchain. Arch Network is a parallelized proof-of-stake network that uses zk-proofs to improve Bticoin's native programmability. The network consists of a Rust-based zkVM, called ArchVM, and a decentralized verification network. Together, these components form a trustless execution environment directly within the Bitcoin blockchain that enables bridge-free trading experiences. For more information about Arch, visit https://www.arch.network
About Arch Labs
Arch Labs is a software development company focused on creating innovative products and solutions that leverage Arch Network, the first native Bitcoin application platform. Arch Labs is a core contributor to Arch Network and works closely with the Arch Foundation to promote cryptographic innovation on the Bitcoin blockchain. For more information about Arch Labs, visit https://www.archnetwork.xyz/.
About Multicoin Capital
Multicoin Capital is a thesis-based investment company that invests in cryptocurrencies, tokens and blockchain companies. Crypto networks and companies will create trillions of dollars of value over the next decade. But investing in tokens is fundamentally different from investing in companies. New tools, heuristics and security measures are needed to invest responsibly in this ecosystem. We leverage our deep knowledge of blockchain technology and crypto markets to deliver exceptional returns. For more information, visit: https://multicoin.capital.
ContactCEOMatt Mudanoarch net[email protected]
This article was originally published on Chainwire.
