Near Foundation raises $13M to form Nuffle Labs

NEAR Foundation, a subsidiary of NEAR Protocol, established Nuffle Labs on June 13 and raised $13 million in strategic funding.

Nuffle Labs financing status

The round was led by venture capital firm Electric Capital, and the NEAR Foundation said it provided a grant to Nuffle Labs.

Other participants in the round include investment from angel investor Dovey Wan from Primitive Ventures and Sandeep Nailwal from Polygon. Canonical Crypto, Fabric Ventures, Robot Ventures, Caladan, Lyrik Ventures, etc.

Nuffle Labs project introduction

Nuffle Labs is an independent entity launched by the NEAR Foundation to build NEAR's Data Availability Layer (NEAR DA), NEAR FAST FINALITY LAYER (NFFL), and other products in the NEAR modular product suite.
According to an email announcement on June 13, the spin-off is intended to advance NEAR’s modularity and bring more decentralized development to the ecosystem.
"As an independent entity, Nuffle Labs will now be able to make agile decisions to ensure that NEAR Modular products remain competitive," the announcement said.
Strategically positioned between the NEAR Foundation, Ethereum, and EigenLayer ecosystem, Nuffle Labs will leverage the strengths of multiple platforms to increase the efficiency and resiliency of the NEAR ecosystem.

Nuffle Labs project progress

• The mainnet of Nuffle Labs, Nuffle Network, was launched in December 2023. Nuffle Network's mainnet focuses on high performance and high security, utilizing advanced consensus algorithms (such as an improved PoS mechanism) to achieve high throughput and low latency transaction processing. Currently, several dApps are running on Nuffle Network, including decentralized finance applications, games, and data storage services.
• Nuffle Bridge supports asset and data interoperability between multiple blockchains, including major blockchains such as Ethereum, Polkadot, and Solana.
• Several DeFi projects, including decentralized exchanges and lending platforms, have been successfully deployed on Nuffle Smart Contracts.
• NuffleDEX supports various trading pairs, characterized by high liquidity and low slippage, and has launched a fiat-pegged stablecoin called NUSD.

Nuffle Labs development prospects

With the global popularity of blockchain technology, Nuffle Labs’ expansion prospects in different regional markets are promising. Especially in emerging markets such as Asia and Africa, the acceptance and application demand for blockchain technology in these regions are growing rapidly. By partnering with local businesses and governments, Nuffle Labs can accelerate its internationalization process.
Nuffle Labs' long-term vision is to become a global leader in blockchain technology and promote the realization of a decentralized economy.
This not only includes technological innovation and market expansion, but also involves promoting the formulation and popularization of industry standards, as well as contributions in social responsibility. Through continuous innovation and efficient execution, Nuffle Labs is expected to realize this vision and become a benchmark enterprise in the blockchain industry.