Next-generation multichain protocol t3rn has raised $6.5 million via a strategic funding round. Polychain Capital led the raise and was joined by Blockchange, Lemniscap, D1 Ventures, Huobi Ventures and other prominent investors.
Until now, much of the multichain future thesis has hinged on cross-chain token bridges. Incidents like the Wormhole exploit highlight the fragility of current bridging tech. However, t3rn’s solution enables cross-chain communication without using a typical token-bridging design.
Polychain Capital Backs t3rn to Build the Multichain Future
Despite the ongoing bear market sending prices sliding 80 to 90% from last year’s highs, teams continue to lay the foundations for the next wave of Web3 adoption. Among them is t3rn, a startup building a fail-safe cross-blockchain communication protocol.
According to a recent press release, t3rn has just raised $6.5 million in a funding round led by Polychain Capital. Joining the seasoned Web3 investors were Blockchange, Lemniscap, D1 Ventures, Huobi Ventures, Figment Capital, Bware Labs and other big names, including “an array of industry-leading angel investors.”
The startup’s innovative smart contract interoperability protocol can communicate with multiple blockchains simultaneously, enabling truly multichain DeFi. This opens up new possibilities for DApps, not to mention improved liquidity across the entire Web3 ecosystem.
Maciej Baj, Founder and Chief Technology Officer of t3rn, commented on the project’s aims and the raise:
“Transactions across multiple blockchains can and should be as easy and safe as those on a single chain […] This strategic funding round supports the development of our innovative approach to blockchain interoperability.”
Although focused on connecting Layer-1 blockchains, t3rn itself is a Polkadot parachain and is most closely aligned with the Polkadot ecosystem. It participated in the Substrate Builders Program and has just completed its second grant from the Web3 Foundation. The grant funding will go toward the development of XBI — an improved standard for smart contract communication.
Burning blockchain bridges
Previously, inter-blockchain communication largely relied on risky bridges between Layer-1 networks. The problem with bridges, as proven by the Wormhole exploit and others like it, is that they’re often centralized and, with users’ tokens held with a centralized custodian or in a smart contract as part of the mechanism, they’re always a target for attackers.
The solution t3rn proposes does not rely on the same technology that underpins most token bridges. Instead, the protocol allows the composition of complex transactions across chains in a single call using an intermediary network it calls the “Circuit.”
The t3rn protocol also deploys a system of bonded attesters who run the risk of slashing should they submit incorrect signatures. Such an implementation significantly reduces the risk of exploits similar to that which saw $650 million taken from the Ronin bridge in March 2022. Slack protocol design and the compromise of just five of nine keys led to one of the biggest DeFi exploits ever.
Commenting on t3rn’s innovative tech, Ken Seiff, Managing Partner of Blockchange Ventures, stated:
“[T3rn] are enabling the future where smart contracts can actually execute across chains instead of being bounded by one chain or being forced to work across risky bridges.”
