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Espresso or a16z crypto Funding
Introduction to the Espresso Project
L2 Rollup Infrastructure Solution Espresso Systems announced the completion of a $28 million Series B funding round led by a16z crypto. The project previously raised $2 million in a seed round in 2020 and $30 million in a Series A round in 2022. The latest funding round brings Espresso’s total funding to over $60 million, but the company has not disclosed its latest valuation.
Espresso aims to build infrastructure for the Rollup network, and its main product currently includes the “Shared Sequencer Market,” which allows Rollups to auction the right to construct their blocks.
A “sequencer” is the infrastructure used by the Rollup network to order transactions, and the “shared sequencer” refers to a party or protocol that can create blocks for multiple Rollups simultaneously. In the shared sequencer market built by Espresso, the market will enable Rollups to sell the right to order transactions during specific time periods to third-party bidders. CEO Ben Fisch stated:
According to Espresso, this setup can facilitate interoperability between Rollups and provide participation opportunities for various stakeholders, including L1 block proposers (such as Proposers on Ethereum). CEO Ben Fisch stated:
In addition, Espresso has also integrated a transaction finality tool called HotShot, which ensures that blocks can reach finality quickly. In other words, HotShot will serve as the consensus protocol for Espresso’s shared sequencer ecosystem.
