Our Investment in Bundlr Network: Multi-chain solution for Web 3 permanent storage
We are excited to announce that Race Capital has invested in the $5.2M seed round for Bundlr Network, the multichain scaling solution for permanent storage on Arweave, partnering with Josh Benaron and the Bundlr team.
Arweave is the leading protocol to offer decentralized, permanent, and censorship-resistant data storage using a “pay once, store forever’’ model. Bundlr Network is one of the core infrastructures for improving the usability and scalability of Arweave, by bundling data from multiple nodes to create a single data transaction and reducing the overall cost of storage.
Technical and Tenacious
At Race Capital, we always look for strong technical and tenacious founders with the ability to ship quickly, and Josh is a perfect example of this.
In April 2021, Josh had heard from Sam Williams, founder, and CEO of Arweave, that transaction speeds would be slower as the blocks on Arweave became full. Josh came up with the idea to bundle transactions into one top-level transaction.
After many late nights of coding and numerous testing with metadata files of llama NFTs, a new official standard used by Arweave to store data was developed.
Built with multi-chain in mind
Bundlr is compatible with a number of leading blockchains and L2s including Ethereum, Solana, Avalanche, and more, enabling users to pay for data uploads in their native token instead of AR, drastically reducing the hassle to bridge or need to interact with a CEX.
As a result, Bundlr is already partnering with leading Web 3 projects across different chains such as Metaplex & Formfunction (Solana), Mintbase (Near), and Ethsign (Ethereum).
Incredible growth and traction
Since the launch of Bundlr in August 2021, total data uploaded on to Arweave has increased by over 450%.
Currently, Bundlr has processed more than 200M transactions to date, representing >90% of all data uploaded on to Arweave and growing rapidly MoM.
We look forward to working closely with Josh and his team as Bundlr redefines the future of Web3 storage!
