Cytonic Raises $8.3M to Solve Blockchain Incompatibility with Multi-VM Technology

[11:37 PM · Nov 7, 2024] – Cytonic, the world's first multi-virtual machine (MVM) blockchain, today announced it has secured $8.3 million in seed funding. This investment will fuel the development of its groundbreaking technology, designed to solve the persistent challenge of blockchain incompatibility and unlock a new era of interoperability in the Web3 space. The funding round was co-led by Lattice and Lemniscap, with significant participation from prominent investors including IOBC, Nomura, Lyrik Ventures, Public Works, Arthur Hayes, and others.

Cytonic is developing a decentralized execution layer that tackles the fragmentation plaguing the blockchain ecosystem. This fragmentation creates barriers for developers and users, limiting the potential of blockchain technology. Cytonic's innovative approach introduces a Layer 1 blockchain capable of concurrently running multiple virtual machines within the same network layer, utilizing shared storage. This breakthrough allows transactions involving different state transition functions (STFs) to be processed together within a single state transition, enabling unprecedented interoperability.

Key Features and Benefits of Cytonic:

Multi-Virtual Machine Architecture: Cytonic's core innovation lies in its ability to support multiple virtual machines, starting with Ethereum Virtual Machine (EVM) and Solana Virtual Machine (SVM) compatibility. This allows existing Ethereum and Solana dApps, tooling, and wallets to function seamlessly on Cytonic without requiring any code modifications.

Enhanced Interoperability: Cytonic eliminates the complexities of cross-chain transactions. Users can atomically swap assets across different VMs (e.g., ERC-20 tokens for SPL tokens) within a single liquidity pool on a decentralized exchange (DEX), significantly increasing capital efficiency and minimizing risks associated with cross-chain vulnerabilities.

Reduced Costs and Latency: By streamlining interoperability, Cytonic minimizes transaction fees and waiting times associated with transferring assets between chains, making decentralized applications more accessible and user-friendly.

Simplified Development and Migration: Projects built on EVM or SVM chains can effortlessly migrate to Cytonic, leveraging the combined liquidity of different networks without the usual complexities of cross-chain bridges or chain abstraction. This simplifies development and accelerates growth for Web3 projects.

Zero-Effort Onboarding: Cytonic offers a streamlined onboarding process for DeFi protocols, regardless of their original ecosystem, making integration simple and efficient.

The Team Behind the Vision:

Cytonic was founded by a team of experienced blockchain builders and investors:

Ivan Miskovic (Founder): Formerly an executive at Spin Labs, Miskovic recognized the critical need for a solution to blockchain compatibility issues, driving him to create Cytonic.

Chelsea (Co-founder): A former partner at Foresight Ventures, Chelsea brings extensive experience in decentralized technology investment to the team.

Badconfig (Co-founder): With a background as a senior engineer at Faraway, Badconfig provides the technical expertise to realize Cytonic's ambitious vision.

Investor Perspectives:

"We are proud to have co-led this $8.3 million round for Cytonic," said Regan Bozman, GP at Lattice. "As the blockchain ecosystem continues to grow, many innovative projects struggle with liquidity and compatibility due to the diverse range of blockchains available. Cytonic is tackling these compatibility issues head-on, promoting greater collaboration, innovation, and adoption across the Web3 space."

Looking Ahead:

Cytonic is currently in its development phase, with plans to launch its mainnet in the near future. The team is focused on expanding its multi-VM capabilities, adding support for additional blockchains like Bitcoin, and fostering a vibrant ecosystem of developers and users. Cytonic aims to become the go-to platform for building truly interoperable decentralized applications, paving the way for a more connected and accessible Web3 future.

About Cytonic:

Cytonic is building the world's first multi-virtual machine blockchain, designed to seamlessly integrate diverse blockchain networks into a unified Layer 1 solution. By solving the challenge of blockchain incompatibility, Cytonic empowers developers and users to unlock the full potential of decentralized technology.