Hassan Maishera
Hyve, the first secured network on Symbiotic’s ecosystem, announced on Thursday, October 17th, that it has exited its stealth mode with a $1.85 million pre-seed round to build the most efficient Data Availability (DA) protocol with sub-second latency and 1 GB/s throughput.
In a press release shared with Cryptowisser, Hyve added that Lemniscap led the investment round, which also included participation from Paper Ventures, Frachtis, and other top Web3 investors.
Hyve has been working on its signature solution, HyveDA, in stealth for over a year. According to the team, Hyve is the only fully permissionless, high throughput data availability solution on the market today with sub-second latency.
Furthermore, the solution is designed to scale horizontally, increasing Hyve’s throughput as more nodes are onboarded. The solution is purpose-built to enable complex and data-intensive use cases such as abundant AI, DePIN, decentralized order books, and immersive Web3 games to thrive in an increasingly multi-chain future.
While commenting on the launch, Douwe Fassen, CEO of Hyve, said:
“Across the Web3 landscape, current infrastructure has struggled to keep up with the growing complexity and data demands of modern applications. As we move towards an increasingly decentralized future, the need for robust, scalable, and secure infrastructure has never been more pronounced. With a groundbreaking throughput of 1GB/s (100x faster than our competitors), we are empowering developers to innovate at pace, with high throughput, no latency, scalability, and flexibility.”
Hyve will use the funds raised from the investment round to expand its team and step up marketing efforts as it continues to nurture partnerships with L2, DePIN, DeFi, and gaming platforms.
The funds will help Hyve boost its goal of addressing the growing demand for secure, scalable and cost-effective data availability, which has intensified following the rapid and ongoing proliferation of decentralized application (dApps) and L2 solutions.
The protocol uses the innovative architecture of restaking protocol Symbiotic, a collaboration that introduces an extensive range of flexible vaulting and collateral options for operators.
The combination of HyveDA's high-performance data availability solution with Symbiotic's modular staking, shared security, and incentive alignment provides HyveDA with the raw performance and scalability needed to handle even the most data-intensive applications.
Felix Lutsch, the Head of Ecosystem at Symbiotic, added that,
“HyveDA's horizontally scalable DA layer is uniquely suited to truly enable web scale, high throughput decentralized applications. We're thrilled to support the stellar team as an early adopter of the modular Symbiotic protocol and help to accelerate their ambitious scaling goals.”
Roderik van der Graaf, Founder and Managing Partner of Lemniscap, also said,
“In the rapidly evolving Web3 space, low-overhead and high-throughput data availability is crucial for ensuring the scalability, security, and efficiency of dApps and blockchain networks. Now out of stealth mode, Hyve is very well placed to broaden its partnership network while supporting developers and enterprises looking to build high-performance, decentralized applications.”
Hyve is a cutting-edge data availability solution focused on high-throughput, low-latency, and cost-effective DA. HyveDA is proof in practice that Hyve is committed to and capable of solving scalability issues related to DA, paving the way for the next generation of blockchain ecosystems and applications.
