Decentralized infrastructure company MagicBlock announced a successful $7.5 million hike in its latest seed round.
The funds will be used to further develop their specific application-specific scaling for the Solana blockchain. The goal is to bring these technological advancements to the benefits of Tier 2 technology to Solana without dividing the Solana community into multiple fragments like Ethereum does.
MagicBlock has confirmed that, in addition to general development costs, the funds will be used to expand its engineering team, develop a developer ecosystem, and build the infrastructure needed for Solana’s real-time link applications.
Key Insights
- MagicBlock announces $7.5 million salary increase
- These funds will help them in the development of Solana’s infrastructure
- Their goal is to bring the benefits of Layer 2 networking to Solana 1 Lase-1
- Hope to avoid the scattered communities found in Ethereum Layer 2 network
- Funding will also help expand their teams and develop the developer ecosystem
Source: Magic BlockWhat is a magic block?
MagicBlock is a blockchain infrastructure company focused on Solana. They assist blockchain-based games and applications to meet general development needs, increase efficiency and scale functionality, ensuring a smooth startup and the necessary infrastructure to manage a growing user base.
To improve their products, MagicBlock has developed a brief summary, a new technology for developers that can provide ultra-low latency solutions on the Solana blockchain. These summary allows direct access to the on-demand execution delegation of SOLANA-based liquidity pools and tools – meaning you can get all the developments of the Layer 2 network on the main Solana blockchain.
“Every developer wants to build the fastest chain with the deepest liquidity – this is Solana. But they also want the customizability and real-time performance of Web2 servers. With MagicBlock, they don’t have to choose.”
Source: Magic BlockWhich projects use MagicBlock?
Many famous projects have already utilized MagicBlock’s technology. This includes derivatives platform flash trading, MemeCoin Game SuperSize, video service platform DTelecom, etc.
Hopefully with this new funding, MagicBlock can develop in its brief aggregate technology development, increase support for existing partners, and provide them with a runway to expand the number of partners they can support.
In a statement, the Magic Block team said. “AppChains offers custom but breaking liquidity. L2S reduces fees but destroys mergerability. Builders are forced to compromise. Magic Block solves this.”
With the continued boom of games like Star Atlas, Mixmob, and Honeyland, Solana is becoming home to Stellar Blockchain Games – MagicBlock can play a key role in the next-generation Solana games, making a big impact.
