– The crowded field of Tier 2 solutions for Ethereum has a new entrant in what will soon be the blockchain that rules all.
Polymer announced today that it has closed a $23 million Series A round of investment from leading cryptocurrency venture capital funds including Coinbase, Placeholder and Digital Currency Group. The company will use the proceeds to build its eponymous network, which it describes as “the first Ethereum Layer 2 Interoperability-as-a-Service for Ethereum and its rollups.”
Essentially, this means that Polymer aims to become a hub of sorts for Ethereum and all other Ethereum-based networks like Arbitrum and Optimism. It’s a network used to defragment the huge Ethereum ecosystem, and it’s also a network that makes sure that the financial data, assets, and applications in that ecosystem are in order.
To do this, Polymer uses the Cosmos IBC protocol, a software framework that can be used to create any type of blockchain. There are several popular Cosmos-based blockchains on the market today, including Injective, Cronos, Thorchain and the gaining popularity of Celestia. The Polymer team believes that IBCs can become to Web3 what TCP/IP is to the Internet.