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NEAR Foundation Launches Nuffle Labs

Twitter icon  •  Published 7 months ago on June 14, 2024  •  Hassan Maishera

The Near Foundation announced via a blog post on Thursday that it has launched Nuffle Labs, a new venture spinning out from Pagoda and the NEAR Foundation.

NEAR Foundation Launches Nuffle Labs

The Near Foundation announced via a blog post on Thursday that it has launched Nuffle Labs, a new venture spinning out from Pagoda and the NEAR Foundation. The new entity has secured $13 million in funding, including a strategic grant from the NEAR Foundation and external investment led by Electric Capital.

Nuffle Labs will leverage NEAR Protocol’s cost-effective, fast, and proven technology to offer rollups enhanced modularity. It is responsible for two key products in NEAR’s modular suite: NEAR Data Availability (NEAR DA) and NEAR Fast Finality Layer, now Nuffle Fast Finality Layer (NFFL).

NEAR Protocol is a decentralized application platform designed to make apps similarly usable to those on today’s web. The network runs on a Proof-of-Stake (PoS) consensus mechanism called Nightshade, which aims to provide dynamic scalability and stabilize fees.NEAR is trading at $5.890, down by 5% in the last 24 hours.

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Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.