London, UK, October 17, 2024, Chainwire
Pell NetworkA Omnichain Decentralized Validation Services (DVS) Network, successfully raised $3 million in pre-seed fundingas announced on October 16, 2024.
This cycle was co-directed by Paper Ventures, Halo Capital and Mirana Ventures. Incubator D11-Labs and key investor Delta Blockchain Fundalso participated in this round, alongside a diverse group of investors, including ArkStream Capital, Mantle EcoFund, Web3Port, Caliber Venture Builder, Cogitent Ventures, Contribution Capital, J17 Capital, Sats Ventures, Side Door Ventures, 071Labs and individual angel investors.
The funds will be used to develop Pell’s innovative network, which aims to build an omnichain DVS network powered by rebalancing. By leveraging Liquid Staking Tokens (LST), Pell Network plans to break down barriers between siled blockchains and drive long-term sustainability of the entire ecosystem.
Oliver Blakey, co-founder of Paper Venturesexpressed his enthusiasm for Pell’s vision, stating: “Pell’s vision of a universal trust network perfectly aligns with the evolving needs of BTCFi users. We are excited to support their journey to address critical challenges and unlock new possibilities for Bitcoin-based DeFi.
David Toh, Managing Partner of Mirana Ventureshighlighted Pell’s unique approach: “Pell Network brings a new restructuring approach that improves the user experience while providing lower-cost, differentiated revenue streams for developers. We are excited to support their vision of creating an Omnichain DVS network powered by rescaling.
Technical architecture and market traction
The Pell Network architecture consists of three key components: the restoration layer, the Pell chain, and the service layer. This structure aims to optimize resource allocation and maximize returns by aligning capital, assets and consumers.
The platform has already achieved significant success with deployments on 20 chains including BNB Smart Chain, Core, Babylon, Mantle and Ethereum. It accumulated on $300 million total value locked (TVL) and more than 430,000 markers through its Omnichain restaurant network.
Future developments and community engagement
With this funding and early traction, Pell Network positions itself as a key player in the evolving landscape of building and launching cross-chain applications. The network aims to provide developers of DVS networks backed by tangible economic incentives, potentially marking a shift from traditional trust-based systems to quantifiable and verifiable economic security models in the blockchain space.
In line with its launch strategy, Pell Network rolled out a series of community engagement campaigns. These include the Launch of Testnet accompanied by an Airdrop campaign and a GoldMiner Campaignoffering participants the opportunity to win up to Draw 1 BTCB + 11 BNB and a return of 30%.
As the project progresses, early participants will be generously rewarded. More details will be announced in the near future.
About Pelle
Pell Network is building a cryptoeconomics-driven omnichain DVS (Decentralized Validation Service) network, leveraging the LST (Liquid Staking Tokens) replenishment mechanism to create a market for decentralized and transparent validation services. Pell Network aims to provide innovative technical solutions for the billion-dollar restocking industry, break down barriers between siled blockchains, and drive long-term sustainability of the entire ecosystem.
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Contact
Peel
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