Avail, a blockchain project aimed at addressing rollup fragmentation and enhancing scalability, has launched its data availability mainnet along with its native AVAIL token.
The new modular blockchain solution, Avail DA, is designed to optimize data availability and support the development of more scalable, cost-efficient, and composable chains.
The introduction of the AVAIL token marks a significant milestone for the project. AVAIL will be used to pay data availability fees, and holders can begin staking the tokens starting today, Tuesday, July 23, 2024, to contribute to network security. The token also plays a crucial role in Avail’s governance, with the project adopting a phased approach to community decision-making.
While detailed information about AVAIL’s tokenomics is limited, the project team disclosed that there is a total supply of 10 billion AVAIL tokens. The team announced an airdrop of 600 million tokens for eligible participants in April 2024, which will be claimable once the Avail DA layer goes live.
Avail DA is the first component of Avail’s full-stack architecture. The project is now focusing on its next major releases: the interoperability layer Nexus and the security network layer Fusion. Notably, Polygon’s former co-founder, Anurag Arjun, leads the project’s development team.
“Avail DA and the introduction of the AVAIL token represent the culmination of years of research and development aimed at addressing critical challenges in web3, including blockchain fragmentation, insufficient data availability, and limited scaling,”
Arjun said.
Avail DA employs light clients that use validity proofs and data availability sampling to quickly verify data on consumer-grade hardware, such as mobile phones, ensuring data is accessible immediately after block finalization. The network utilizes a Nominated Proof-of-Stake (NPoS) consensus mechanism to prevent centralization, with an initial goal of 1,000 validators and a potential expansion to 10,000.
“By combining KZG commitments with data availability sampling, we provide the blockchain ecosystem with advanced data availability infrastructure… With just a few lines of code, developers can integrate any execution environment with Avail DA, creating a powerful blockchain solution,” said Prabal Banerjee, the other co-founder of the Avail project.
Meanwhile, this development follows Avail’s recent success in securing $43 million in Series A funding in June 2024. The round saw participation from venture capital firms such as Founders Fund, DragonFly Capital, and Cyber Fund, among others. This addition brings Avail’s total fundraising to $75 million, including $32 million from previous pre-seed and seed rounds. Notable investors in Avail include SevenX, Figment, Nomad Capital, and several others.
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