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October 11, 2024 – Ithaca, a blockchain startup focused on accelerating the crypto frontier, today announced it has secured $20 million in funding from leading crypto venture capital firm Paradigm. This investment will fuel the development and launch of Odyssey, a groundbreaking Layer-2 network built on the OP Stack, Reth, and Conduit, promising a faster, cheaper, and more user-friendly blockchain experience.
Ithaca, comprised of a small but highly experienced team of less than 20 engineers, has already made significant contributions to the crypto ecosystem with the development of widely used open-source tools like Reth and Foundry. With Odyssey, they aim to tackle some of the most challenging problems facing blockchain technology, paving the way for broader consumer adoption.
Odyssey: A Layer-2 Network Built for the Future
Odyssey distinguishes itself from other Layer-2 solutions by incorporating features from Ethereum’s future roadmap, including EIP-7692 (EOF), EIP-7702 (improved account abstraction), EIP-2537, and RIP-7212. These advancements are designed to enhance smart contract capabilities, simplify user onboarding, and reduce friction for newcomers to the crypto space.
Key features of Odyssey include:
- Enhanced Smart Contracts: Odyssey supports more powerful smart contracts, enabling developers to create more complex and sophisticated decentralized applications.
- Simplified User Experience: The network streamlines the user experience by eliminating the need for custom RPC configuration, cross-chain bridges for ETH transfers, or browser-based wallet extensions.
- Built on Proven Technology: Odyssey leverages the robust OP Stack from Optimism, the efficient Reth client, and the scalable Conduit infrastructure, all backed by Paradigm.
- Open Source and Community Driven: Like Ithaca's previous projects, Odyssey is open-source, fostering collaboration and innovation within the developer community
Paradigm's Strategic Investment and Ithaca's Leadership
Paradigm's investment in Ithaca represents more than just financial backing. Georgios Konstantopoulos, General Partner and CTO at Paradigm, will serve as CEO of Ithaca, while Paradigm founder Matt Huang will assume the role of Chairman. This close collaboration underscores Paradigm's commitment to fostering innovation within the Layer-2 space.
"The entire crypto industry needs to accelerate," said Konstantopoulos. "This doesn't just mean higher transactions per second; it means faster innovation and iteration to deliver exciting new possibilities unique to crypto."
A Shared Vision for the Future of Crypto
Ithaca's vision aligns perfectly with Paradigm's focus on supporting projects that push the boundaries of blockchain technology. By combining Ithaca's technical expertise with Paradigm's resources and industry influence, Odyssey is poised to become a leading Layer-2 solution, driving the next wave of crypto adoption.
The Odyssey testnet is currently live on Sepolia, inviting developers and users to explore its unique features and contribute to its development.
About Ithaca:
Ithaca is a blockchain startup dedicated to accelerating the crypto frontier through the development of innovative open-source tools and technologies. Their team of experienced engineers is committed to building a more accessible and user-friendly blockchain ecosystem.
About Paradigm:
Paradigm is a leading crypto venture capital firm investing in and supporting the next generation of blockchain and Web3 companies. They are committed to fostering innovation and driving the growth of the decentralized web.
Compiled by CMO Intern team
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