Onebalance, a developer platform for Multichein applications, closed a $ 20 million series of a funding to funding the Crypto (UX) experience (UX) experience for developers and Fintech.
The $ 20 million investment cycle is led by Cyber • Fund and blockchain capital, with participation from the Mirana Ventures of Bybit and L2IV.
Established by an ex-coinbase engineer and major contributors from flashbots, Onegalance aims to resolve the Flagment UX issue of the crypto industry with its technological toolkit, which claims that users will transfer, change or earn yield in just one click, without having to worry about the basic network, bridging the network or management.
“Developers who combine through the toolkit can earn directly through configurable transaction fees,” Daniel Worsley, co-founder and Chief Operating Officer of Onebalance, told Cointelegraph. “These fees, including gas, can be backed with a single abstract payment from the user.”
The result brings users of “faster implementation, higher conversion, and better capital efficiency,” he added.
The Onebalance toolkit has proven to be successful in the native Bitcoin-to-Ethereum Virtual Machine (EVM) swap, with additional support for Solana and other major networks launching in the coming weeks, according to the company.
Related: Web3 UX problem – and how to fix it, feat. Thinking one
Onebalance introduces resource locks for safer bridging
The company’s lock -location feature, introduced in early 2024, offers a new approach to Crosschain transactions by enabling asynchronous implementation throughout the blockchains. The system prevents double spending through the co-sign and sequence of user transactions through the protocol itself.
The resource lock “allows users to lock funds throughout the chain with a single cryptographic intent-no pre-bridging,” Worsley said.
“Combined with the integration -with the balance, it allows users to deploy funds that are damaged in many chains, removing the need to bridge before action,” he added.
Unlike blockchain bridges, resource locks remove pooled assets, central vaults and smart contract balances that may be vulnerable to hacks, which offers a safer solution for crosschain transactions.
In 2022, Hackers steal $ 600 million from Axie Infinity’s Ronin Bridge after compromising a multisignature private key setup, which features the risks that a prevention wants.
https://www.youtube.com/watch?v=eF3WCSS75Qy
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