Cytonic Raises $8.3M in Seed Funding to Solve Blockchain Compatibility Challenges

British Virgin Islands, November 7, 2024 — Cytonic, the world’s first multi-virtual-machine blockchain, has successfully raised $8.3 million in seed funding to tackle one of the biggest hurdles facing the blockchain industry: interoperability. The funding round was co-led by Lattice and Lemniscap, with additional participation from IOBC, Nomura, Lyrik, Public Works, Arthur Hayes, and other prominent investors.

Developed by MultiVM Labs, Cytonic is a decentralized execution layer designed to address the growing fragmentation within the blockchain ecosystem. As more blockchain networks emerge, developers and users are faced with increasingly complex barriers that limit the full potential of decentralized technologies. Cytonic offers a solution by introducing the first Layer 1 blockchain capable of running multiple virtual machines (VMs) within the same network. This allows transactions that use different state transition functions (STFs) to be processed together in a single state transition, a breakthrough that vastly improves interoperability between chains.

Cytonic’s design allows it to be fully compatible with both Ethereum and Solana, two of the most widely used blockchain networks. As a result, existing Ethereum Virtual Machine (EVM) and Solana Virtual Machine (SVM) tooling, wallets, and decentralized applications (dApps) can all seamlessly operate on Cytonic, without any need for modification.

Improving Blockchain Interoperability and Efficiency

One of Cytonic’s most significant advantages is its ability to reduce transaction fees and speed up asset transfers between different chains. On the Cytonic blockchain, users can swap assets across different VMs atomically, meaning the exchange process occurs without rollback issues or vulnerabilities typical of cross-chain transactions. This allows, for example, users to swap Base tokens (ERC20) for Solana tokens (SPL) in the same liquidity pool on a decentralized exchange (DEX), radically improving capital efficiency and addressing long-standing interoperability problems across multiple blockchains.

Cytonic’s approach not only solves technical compatibility issues but also simplifies the user experience by making decentralized applications faster and more accessible. With fewer barriers to entry, blockchain adoption becomes more feasible for both developers and users alike.

The Cytonic Airdrop App Launch

In a major step forward, Cytonic is launching its Airdrop App on November 7th, 2024. The app allows users to deposit funds from various blockchain networks and earn rewards. Early adopters will receive additional rewards as part of the launch, providing an incentive for those looking to participate in Cytonic’s growing ecosystem.

A Vision for Simplifying Blockchain Scaling

Cytonic was founded by Ivan Miskovic, a former executive at Spin Labs, alongside co-founders Chelsea, former partner at Foresight Ventures, and Badconfig, a former senior engineer at Faraway. Together, the team brings extensive experience in decentralized technologies, having worked with projects across Bitcoin, Ethereum, Solana, Near, and other major blockchain ecosystems. Driven by a shared vision to resolve compatibility issues and improve liquidity management across chains, the Cytonic team is dedicated to making on-chain interactions simpler, more efficient, and scalable for all users.

Seamless Blockchain Integration for Developers

Cytonic’s EVM and SVM compatibility ensures that projects from any supported blockchain can easily migrate to Cytonic without needing to rewrite their code. Developers can deploy existing applications on Cytonic, tapping into liquidity from other networks while taking advantage of the unique features and strengths of different virtual machines. This level of interoperability makes it easier for developers to create decentralized applications that are both cross-chain compatible and able to leverage the full potential of the broader blockchain ecosystem.

By reducing fragmentation and enhancing the diversity of ecosystems, Cytonic aims to play a critical role in blockchain's future adoption. It promises to streamline the user experience, increase liquidity across networks, and ultimately make blockchain technology more practical and accessible for all participants.

About Cytonic

Cytonic is pioneering the world’s first multi-virtual-machine blockchain, with the mission to unify networks like Bitcoin, Ethereum, and Solana under a single, interoperable Layer 1 blockchain. The platform’s goal is to improve connectivity and make decentralized networks more scalable and accessible on a global scale.

• Website: https://www.cytonic.com

• X: @Cytonic_com

• Discord: Cytonic Community

• Media Contact: [email protected]