Pell Network,
an Omnichain Decentralized Validation Services (DVS) network, has successfully
raised $3 million in pre-seed funding, as announced on October 16, 2024.
This round was
co-led by Paper Ventures, Halo Capital, and Mirana Ventures. Incubator D11-Labs
and key investor Delta Blockchain Fund, also participated in this round,
along with 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 angels.
The funds will
be used to develop Pell’s innovative network, which aims to build an omnichain
DVS network powered by restaking. By leveraging Liquid Staking Tokens (LST),
Pell Network plans to break down barriers between siloed blockchains and foster
the long-term sustainability of the entire ecosystem.
Oliver
Blakey, co-founder of Paper Ventures,
expressed enthusiasm for Pell’s vision, stating, “Pell’s vision for a
universal trust network aligns perfectly with the evolving needs of BTCFi
users. We are excited to support their journey in addressing critical
challenges and unlocking fresh possibilities for Bitcoin-based DeFi.”David
Toh, Managing Partner of Mirana Ventures, highlighted Pell’s unique
approach: “Pell Network brings a new approach to restaking that enhances
the user experience while providing differentiated revenue streams at a lower
cost to developers. We are excited to support their vision of creating an
Omnichain DVS network powered by restaking.”
Technical
Architecture and Market Traction
Pell Network’s
architecture consists of three key components: the Restaking Layer, Pell Chain,
and Service Layer. This structure aims to optimize resource allocation and
maximize returns by aligning capital, assets, and consumers.
The platform
has already achieved significant traction with deployments on 20 chains
including BNB Smart Chain, Core, Babylon, Mantle, and Ethereum. It has
accumulated over $300 million in Total Value Locked (TVL) and more than 430,000
stakers across its Omnichain Restaking Network.
Future
Developments and Community Engagement
With this
funding and early traction, Pell Network is positioning itself as a key player
in the evolving landscape of cross-chain application building and
bootstrapping. The network aims to provide developers with DVS networks
underpinned by tangible economic incentives, potentially marking a shift from
traditional trust-based systems to quantifiable, auditable economic security
models in the blockchain space.
In line with
its launch strategy, Pell Network has rolled out a series of community
engagement campaigns. These include the Testnet launch accompanied by an
Airdrop Campaign and a GoldMiner Campaign, providing participants an
opportunity to earn up to 1 BTCB + 11 BNB raffle and a 30% yield.
As the project
progresses, early participants will be generously rewarded. More details will
be announced in the near future.
About Pell
Pell Network (https://pell.network/)
builds an omnichain DVS(Decentralized Validation Service) network driven by
cryptoeconomics, leveraging the restaking mechanism of LST (Liquid Staking
Tokens) to create a seamless decentralized validation services marketplace.
Pell Network aims to provide innovative technical solutions for the
billion-dollar restaking sector, break down barriers between siloed
blockchains, and foster the long-term sustainability of the entire ecosystem.