Hassan Maishera
The Near Foundation announced via a blog post on Thursday that it has launched Nuffle Labs, a new venture spinning out from Pagoda and the NEAR Foundation. The new entity has secured $13 million in funding, including a strategic grant from the NEAR Foundation and external investment led by Electric Capital.
Nuffle Labs will leverage NEAR Protocol’s cost-effective, fast, and proven technology to offer rollups enhanced modularity. It is responsible for two key products in NEAR’s modular suite: NEAR Data Availability (NEAR DA) and NEAR Fast Finality Layer, now Nuffle Fast Finality Layer (NFFL).
NEAR Protocol is a decentralized application platform designed to make apps similarly usable to those on today’s web. The network runs on a Proof-of-Stake (PoS) consensus mechanism called Nightshade, which aims to provide dynamic scalability and stabilize fees.NEAR is trading at $5.890, down by 5% in the last 24 hours.
