Ethereum layer 2 scaling platform Nahmii has announced the launch of its version 2 solution following a large funding round.
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.
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.
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.