Axiom Raises $20M Led by Paradigm and Standard Crypto for Ethereum Data Protocol

Axiom, a protocol enabling smart contract developers to access historical Ethereum data, has secured $20 million in a Series A funding round led by Standard Crypto and Paradigm Ventures.

Funding Boosts Development and Team Expansion

The raised funds will be allocated to advancing the protocol and expanding the team, according to a draft blog post obtained by CoinDesk.

Empowering Smart Contract Developers

Co-founder Yi Sun expressed the focus on aiding smart contract developers in seamlessly integrating Axiom's capabilities into their applications.

Innovative Approach Using Zero-Knowledge Proofs

Axiom stands out as a protocol utilizing zero-knowledge proofs (ZK proofs), a cryptographic method allowing access to historical Ethereum data without revealing transaction details.

Overcoming Oracle Challenges

Axiom addresses the limitations of oracles, which can be costly and face computational constraints. The protocol employs a coprocessor to process data off-chain and verify it on the Ethereum blockchain using ZK proofs.

Lowering Costs and Trust Requirements

Georgios Konstantopoulos, CTO at Paradigm, emphasized the pursuit of systems offering lower costs and trust requirements, promoting scalability and broader user accessibility.

V2 Upgrade Enhances Usability for Developers

Axiom's latest funding follows its V2 upgrade, focused on enhancing the protocol's usability for smart contract developers. The mainnet was launched in July.

Uncovering New Possibilities with Zero-Knowledge Proofs

Alok Vasudev, co-founder of Standard Crypto, described zero-knowledge proofs as computers providing receipts for their actions. Axiom's core technology is seen as opening new markets and possibilities.