Pell Network Raises $3M in Funding Round to Build Omnichain DVS Network

Pell Network, an innovative startup focused on Omnichain Decentralized Validation Services (DVS), announced it had secured $3 million in a recently concluded pre-seed funding.

Following this remarkable event, the secured funds will be used to develop Pell’s innovative network, which aims to build an omnichain DVS network powered by restaking.

Notably, Pell Network plans to use liquid staking tokens (LST) to break down barriers between siloed blockchains and foster the long-term sustainability of the entire ecosystem.

According to the announcement, Paper Ventures, Halo Capital, and Mirana Ventures co-led the funding round, which also saw participation from Incubator D11-Labs and key investor Delta Blockchain Fund.

Other participants included a diverse group of investors, including ArkStream Capital, Mantle EcoFund, Web3Port, Caliber Venture Builder, Cogitent Ventures, Contribution Capital, J17 Capital, Sats Ventures, Side Door Ventures, 071Labs, and individual angels.

Oliver Blakey, co-founder of Paper Ventures, commented on the development and expressed enthusiasm for Pell’s vision: “Pell’s vision for a universal trust network aligns perfectly with the evolving needs of BTCFi users. We are excited to support their journey in addressing critical challenges and unlocking fresh possibilities for Bitcoin-based DeFi.”

The Managing Partner of Mirana Ventures, David Toh, also made remarks on Pell’s unique approach, saying, “Pell Network brings a new approach to retaking that enhances the user experience while providing differentiated revenue streams at a lower cost to developers. We are excited to support their vision of creating an Omnichain DVS network powered by restaking.”

While its architecture consists of three key components: the Restaking Layer, Pell Chain, and Service Layer, the network’s structure aims to optimize resource allocation and maximize returns by aligning capital, assets, and consumers.

Furthermore, Pell Network has already achieved significant traction with deployments on 20 chains, including BNB Smart Chain, Core, Babylon, Mantle, and Ethereum. It has accumulated over $300 million in Total Value Locked (TVL) and more than 430,000 stakers across its Omnichain Restaking Network.

While the network had already garnered early traction, the successful funding round positions it as a key player in the evolving landscape of cross-chain application building and bootstrapping.

This will help Pell Network achieve its mission of providing developers with DVS networks underpinned by tangible economic incentives. It could potentially mark a shift from traditional trust-based systems to quantifiable, auditable economic security models in the blockchain space.

Nonetheless, the announcement further revealed that Pell Network has rolled out a series of community engagement campaigns. These include the Testnet launch accompanied by an Airdrop Campaign and a GoldMiner Campaign, which provide participants with an opportunity to earn up to 1 BTCB + 11 BNB raffle and a 30% yield.