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Quick take:

  • Waterfall has raised $2 million in a Series Pre-A round led by ByteTrade.
  • The layer-1 blockchain developer will use the new funds to accelerate its mainnet launch.
  • Waterfall’s highly scalable smart contract platform recently passed “intense due diligence”.

Waterfall Network has announced a $2 million funding round led by ByteTrade Lab. The layer-1 blockchain developer said it will use the funds from the current round to accelerate its mainnet launch, currently scheduled for Q1 2024.

According to the announcement, ByteTrade, which offers a suite of blockchain-based technologies including zero-knowledge proofs conducted an “extensive six-month due diligence process that successfully tested EMV-compatible DApps and assessments of both the Waterfall team and its technological infrastructure,” before investing in Waterfall.

Commenting on his company’s leading role in the Series Pre-A round Dr Lucas Lu, the CEO of ByteTrade Lab said: “ByteTrade Lab’s investment in Waterfall Network is not just a strategic move, it’s a bold declaration of our commitment to the decentralized web that we’re building to grant users increased access and full control over their data.” 

“Smart contracts are the cornerstone of trust and autonomy in the digital age, and our commitment to this technology reflects our dedication to reshaping the digital landscape. This is a bold step toward a more open, secure, and limitless digital frontier,” Lu added.

Waterfall’s smart contract platform is being developed in collaboration with BlueWave Corp, a software developer focusing on providing unlimited scalability, security and decentralisation to Web3 builders.

Blue Sergii Grybniak, Blue Wave CTO and Waterfall Head of Research commented: “We look forward to the expertise and resources ByteTrade can offer as an engaged partner that will strengthen and improve on Waterfall’s innovative approach to building a new kind of layer one blockchain.” 

Waterfall uses a “one person, one vote” consensus mechanism, ensuring that money is not used to dictate the governance of the platform.

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