Parasail Raises $4M to Build the First Restaking Layer for DePIN
Parasail Raises $4M to Build the First Restaking Layer for DePIN
Parasail is excited to announce a successful seed funding round, raising $4 million at $50 million valuation. This milestone marks a pivotal moment in Parasail’s journey to enhance service levels and user experience of decentralized physical infrastructure networks (DePIN) through restaking.
The seed funding round was led by Protocol Labs, with notable participation from D11 Labs, MH Ventures, BitRise Capital, EV3, Fenbushi Capital, Modular Capital, Faculty Group, DWF Ventures, Foresight Ventures, AGE Crypto, Waterdrip Capital, and several other investors.
Parasail is dedicated to solving some of DePIN’s most pressing challenges, such as siloed networks, steep learning curves for users, and diverse mining incentives. By aggregating interested capital, hardware resources, and user communities, the goal is to connect different networks and create a more interconnected and mutually beneficial ecosystem.
Guaranteeing DePIN Services
DePIN hardware services, including compute, storage, and sensors, are transacted on-chain but delivered off-chain, often without pre-established connections between users and providers. Parasail serves as a permissionless abstraction layer that guarantees DePIN service levels through delegation of interested assets from more established networks. This brings confidence to users and enables new use cases for DePIN assets and hardware resources.
The delegation mechanism not only guarantees service levels but also incentivizes users to utilize different DePIN services confidently and delegate their assets to support new DePIN services.
Fenbushi Capital, a leading venture capital firm and early investor in Ethereum and Filecoin, commented, “Parasail introduces a novel and robust security model for DePIN hardware services. By pioneering a systematic interface for user, capital, and hardware coordination, Parasail significantly enhances the DePIN ecosystem’s ability to efficiently acquire users and resources.”
Coordinating Hardware Resources
Parasail is also enabling delegation for fungible hardware resources, making them flexible across different DePIN ecosystems through the development of universal adapters for hardware service provision and verification. This allows DePIN projects to bootstrap their networks and mobilize hardware resources more effectively.
“Parasail is the first restaking layer for DePIN, enabling delegation of crypto assets and hardware resources across multiple networks and chains to optimize rewards. By increasing on-chain capital efficiency, Parasail reduces the financing cost spread between centralized and decentralized infrastructure and helps accelerate the entire space forward,” said EV3, a DePIN-focused venture capital firm.
Future Plans
The funds from this round will be used to accelerate the Parasail Master Plan, which includes enabling delegation of interested assets and hardware on DePIN to guarantee service levels for users and dynamically coordinate hardware resources based on demand.
Since its inception in January 2024, Parasail has secured over $50 million TVL and become the fastest-growing protocol in DePIN ecosystems. Recognition was also received from the panel of judges in the DePIN track at the recent Solana Renaissance Hackathon, standing out among over 1000 participants.
Parasail provides strong value-add to DePIN L1s (more use cases for their assets), restaking or staking projects (diversified and strong returns), and emerging DePINs (efficient go-to-market and resource acquisition). More integrations and strategic partnerships will be launched in the coming weeks.
Parasail Team and Strategic Partnerships
The Parasail team brings over five years of experience in building DePIN networks and growing dapps within DePIN ecosystems. With a strong lineup of partners and investors, Parasail is positioned as a trusted leader in unifying networks and delivering innovative solutions in DePIN.
“Service guarantees underpin the network’s reliability, while the incentive model drives its expansion by coordinating the contributions of various participants in a sustainable manner. Both components are vital for establishing a thriving DePIN ecosystem that’s ready for adoption,” stated Versatus, an integrated cloud network and strategic partner of Parasail, enabling developers to launch, manage, and scale censorship-resistant, verifiable virtual private servers (VPS) & containers, and host web & mobile applications.
Stay connected with Parasail’s progress at parasail.network
You can now register your EVM, Solana, and Bitcoin wallets on Parasail to participate in the Sail Points program: https://www.parasail.network/register
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