Fuel Labs, a startup that is focused on blockchain scalability solutions, has just raised $80 million from Blockchain Capital and Stratos Technologies.
Other participants in the fundraising include Alameda Research, CoinFund, Bain Capital Crypto, TRGC, Maven 11 Capital, Blockwall, Spartan, Dialectic, and ZMT.
The valuation of the company as a result of this latest funding round has not been disclosed.
The project positions itself as a “level of modularity” comparable to L2 solutions like Polygon.
According to the press release shared by the company:
“The industry needs changes that will open up new use cases for the next generation of DeFi. Fuel aims to solve this problem by developing a performance for the modular stack, namely L1 with high throughput potential, which features new execution styles.”