Ethereum L2 Project Essential Raises $11M in Series A Funding

Aug 13, 2024, 03:11 PM

Intent-centric Ethereum Layer 2 project, Essential, has successfully raised $11 million in a Series A funding round. The funding was led by Archetype, with participation from several other high-profile investors. Essential aims to build an 'intent-based' blockchain that enables consensus on state updates without requiring execution, allowing developers to create more sophisticated applications than those possible on traditional VM-based chains. This approach marks a shift from imperative to declarative blockchain design, supporting web3's transition to a more intent-focused future. The project is led by Liesl Eichholz and Simon R0204.