Nahmii Raises $8M for Enterprise Layer 2 Ethereum Scaling

Share Article
In Brief
  • Nahmii targets institutions looking to scale dApps.

  • NII token surges to all-time high.

  • L2 total value locked at $2.4 billion.

  • promo

    Stake your points and qualify for the 200,000 USDT prize pool. Start staking now!

The Trust Project is an international consortium of news organizations building standards of transparency.

Ethereum layer 2 scaling platform Nahmii has announced the launch of its version 2 solution following a large funding round.

Sponsored



Sponsored

In an announcement on Sept 28, the platform announced Nahmii 2.0, touting it as the first layer 2 Ethereum scaling solution “capable of achieving true commercial viability.”

It added that the launch follows an $8 million funding round led by DARMA Partners, part of the institutional investment firm, DARMA Capital.

Sponsored



Sponsored

The original version of Nahmii only supported payments, but the second iteration is fully smart contract compatible and geared up for institutional decentralized apps (dApps).

Enterprise Ethereum scaling

Nahmii aims to scale any decentralized application to an enterprise-ready level with high-throughput, low latency, instant finality, and predictable low transaction fees. It appears to be in competition with the enterprise-grade blockchain network, Solana.

Its second implementation is fully KYC (know-your-customer) compliant which enables institutions to develop products that are regulation compliant. It is also compatible with Ethereum Virtual Machine which enables developers to port over with minimal hassle.

The team behind Nahmii previously worked on Bitcoin’s Lightning Network and the Plasma scaling platform, it added.

Nahmii uses something called “state pool technology” which combines the instant finality of state channels and the security of layer 2 protocols. A decentralized automated market maker called NiiFi runs on the protocol along with Fjord Maritime, a technical supplier to the aquaculture industry.

The platform has its own native token, NII, which has jumped 12% on the day to hit an all-time high of $0.022 today according to CoinGecko. The token has made an incredible 7,230% since the beginning of the year.

Layer 2 latest

Scaling Ethereum with layer 2 solutions has become increasingly popular this year as demand on the network has surged.

According to L2beat, the total value locked across all layer 2 protocols is currently $2.4 billion. It has declined 33% from an all-time high of just under $3.6 billion on Sept 16.

Arbitrum, which runs on optimistic rollups but suffered a minor outage earlier this month, is the leading layer 2 platform at the moment with $1.38 billion locked up, giving it a market share of 57.7%.

The second-largest layer 2 is the DeFi derivatives exchange dYdX, which has surged in liquidity and volumes following its token launch and airdrop earlier this month. dYdX, which is based on zk-rollups, has a market share of almost 22% with a record TVL of $526 million.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Sponsored
Share Article

Martin has been covering the latest developments on cyber security and infotech for two decades. He has previous trading experience and has been actively covering the blockchain and crypto industry since 2017.

Follow Author

Limited offer! Learn to mine and trade crypto today for free

Join

Earn up to $10,000 USD every week in CoinFLEX AMM+ Arena!

Earn Now

Be our Supreme Scorer and qualify for a grand prize pool of 200,000 USDT!

Join