PowerLoom Seed Round + Boost
We are excited to announce a $3.1M funding round led by Blockchain Capital¹ to help us build out the PowerLoom Protocol.
The past year has been a crazy ride for us. While building the RPC infrastructure and other developer tools for Polygon (formerly Matic) under our previous project, we reached a milestone of 1 Billion API requests/day during the peak months! Although it was both fun and challenging to reach such a scale, we as a team believe we can provide a more efficient and decentralized offering.
Enter Boost 🚀
Even though PowerLoom is at an early stage of development, we are launching our first product, Boost, in private alpha² today. It aims to significantly improve experience for DeFi users and dApps without requiring any changes to apps/codebase. In the initial stages, we are offering access to commonly accessed datapoints (for eg, token balances, asset portfolios to speak of a few) as well as flexibly customized ones that weave together state data across related smart contracts, on EVM chains. Eventually DeFi apps and power users can leverage Boost to build complex and unique cross-chain logic. We will be opening up access to a small set of users beginning with popular dApps on Polygon and Ethereum, with support for EVM-compatible and other major chains to soon follow.
We aim to utilize key learnings and metrics from the continued operation of Boost to move towards a potential growth area that will democratize and incentivize the operation of PowerLoom Protocol. The motivation is to eliminate the reliance on a centralized data snapshot service and instead upgrade to a decentralized, consensus-based network which will be of lasting value to the ecosystem of DeFi and decentralized apps in general.
Centralized services suffer from a not-so-apparent catch-22 paradox — “Who watches the watcher” — referring to the lack of automated audits and accuracy reports on data snapshots and insights generated by them. The strategy of decentralized consensus on snapshotting and aggregation employed by PowerLoom addresses this issue at source. This would in turn improve the precision of reported data as well as serve to seed a self-propagating, open market based economy.
We are hiring for multiple roles in Bengaluru (and soon Canada) with all positions being remote friendly. If you are/know someone who would be interested, check out our careers page at careers.powerloom.io.
If you don’t find anything that suits you but strongly believe you can carve out a role, email us directly at email@example.com.
Community members can join our Discord server as always 👇
: Funding also came from firms Fenbushi Filecoin Eco Fund, CMS Holdings, Protocol Labs, Divergence, Privcode Capital (MXC), Youbi Capital, Double Peak Group, Altonomy, Inclusion Capital, Longhash, KNS Group and TheLAO. We are thankful to DeFi founders/angel investors Stani (Aave), Ash (ex-Accomplice), JD and Sandeep (Polygon), Danny (Ceramic), Alan and Caleb (Radar/Core Scientific), Sid (DefiDollar), Regan (ex-Coinlist), Aniket (Biconomy), Ajit (Aave), Richard (ex-DRW), Keyur (Polygon) and Nirbhik (TheDappList) who also participated. 🙏
: Signup for early access on powerloom.io/boost 🚀