Pell Network Raises $3M in Pre-Seed Funding to Build an Omnichain Decentralized Validation Services (DVS) Network

The funds will be used to develop Pell's innovative network, which aims to build an omnichain DVS network powered by restaking.

London, UK, October 17th, 2024, Chainwire

Pell Network, an Omnichain Decentralized Validation Services (DVS) network, announced today that it has closed a $3 million pre-seed funding round.

The round was co-led by Paper Ventures, Halo Capital, and Mirana Ventures. Joining the round were incubator D11-Labs and key investor Delta Blockchain Fund, followed by a diverse group including ArkStream Capital, Mantle EcoFund, Web3Port, Caliber Venture Builder, Cogitent Ventures, Contribution Capital, J17 Capital, Sats Ventures, Side Door Ventures, 071Labs, and individual angels.

Proceeds from the round will be used to develop Pell’s innovative network, which aims to build an omnichain DVS network powered by restaking. By leveraging Liquid Staking Tokens (LST), Pell Network plans to break down barriers between siloed blockchains and foster the long-term sustainability of the entire ecosystem.

Oliver Blakey, co-founder of Paper Ventures, expressed his enthusiasm for Pell's vision, saying, "Pell’s vision for a universal trust network aligns perfectly with the evolving needs of BTCFi users. We are excited to support their journey in addressing critical challenges and unlocking fresh possibilities for Bitcoin-based DeFi."

David Toh, Managing Partner of Mirana Ventures, highlighted Pell's unique approach: "Pell Network brings a new approach to restaking that enhances the user experience while providing differentiated revenue streams at a lower cost to developers. We are excited to support their vision of creating an Omnichain DVS network powered by restaking."

Pell Network’s technical architecture comprises three layers: the Restaking Layer, Pell Chain, and Service Layer. This structure optimizes resource allocation and maximizes returns by aligning capital, assets, and consumers.

The platform has already achieved significant traction, with deployments on 20 chains including BNB Smart Chain, Core, Babylon, Mantle, and Ethereum, and has accumulated over $300 million in Total Value Locked (TVL) and more than 430,000 stakers across its Omnichain Restaking Network.

With this funding and early traction, Pell Network is set to become a key player in the evolving landscape of cross-chain application building and bootstrapping. The network will provide developers with DVS networks underpinned by tangible economic incentives, shifting the industry from traditional trust-based systems to quantifiable, auditable economic security models.

In line with its launch strategy, Pell Network has rolled out a series of community engagement campaigns. These include the Testnet launch accompanied by an Airdrop Campaign and a GoldMiner Campaign, providing participants an opportunity to earn up to 1 BTCB + 11 BNB raffle and a 30% yield. As the project progresses, early participants will be generously rewarded. More details will be announced in the near future.

About Pell

Pell builds an omnichain DVS (Decentralized Validation Service) network driven by cryptoeconomics, leveraging the restaking mechanism of LST (Liquid Staking Tokens) to create a decentralized validation services marketplace. Pell aims to provide innovative technical solutions for the billion-dollar restaking sector, breaking down barriers between siloed blockchains and fostering the long-term sustainability of the entire ecosystem.

Follow Pell’s latest development:

Website: https://pell.network/

X: https://x.com/Pell_Network

Discord: https://discord.com/invite/pell-network

Telegram: https://t.me/Pell_Network

Contact

Pellhi@pell.network