Initia Raises $14 Million to Solve Crypto's Interoperability Problem

As crypto continues to grow, there are now more blockchains than ever. And as anyone in the space will tell you, that can often bring even more headaches whenever shifting from one chain to another.

Initia, a new network for interwoven rollups that's trying to simplify interoperability, just raised $14 million in a new financing round led by Theory Ventures.

Coinage recently sat down with Initia co-founder Zon to unpack how Initia is reshaping the way blockchains interact and scale by simplifying the complexities of cross-chain operations.

"There are two ways to scale blockchains: one is having a giga fast single layer, and the second is having thousands of individual chains," Zon explains. Initia is betting on the latter, expecting a continued proliferation of chains as projects seek more control over their tech stack.

Initia aims to make this multi-chain vision a reality by providing a flexible, modular stack that allows developers to easily launch and manage their own chains. Drawing from his experience with Ethereum and Cosmos, Zon noted that while Cosmos offered flexibility, it also introduced significant challenges, such as liquidity fragmentation and the complexity of building and maintaining a layer-one chain.

On the other hand, rollups on Ethereum, while effective in increasing throughput, often result in identical, non-customizable chains. Initia’s solution integrates the strengths of both systems while minimizing their weaknesses. “We built a layer-one and a layer-two system together that acknowledges we're going to have this multi-chain future,” Zon said.

This innovation is already showing promise as apps begin to leverage Initia’s technology. Zon highlighted Blackwing, a platform that enables leveraged trading across multiple blockchains without the need for users to interact with different bridges or liquidity pools. “Blackwing uses their chain on the interwoven stack for this abstraction intent layer that goes and does the trading on all these different chains,” Zon explained. This capability allows users to trade assets from various chains through a single, streamlined interface.

Another Initia prokect is Contro, which is working on a new prediction market platform. Contra’s “gradual limit order book” (GLOB) removes the competitive time element from trading, allowing users to place bets with a fairer distribution of upside potential. According to Zon, this innovation could significantly enhance the fairness and functionality of prediction markets, particularly in avoiding the pitfalls of front-running.

For Zon, the journey to this point has been both challenging and rewarding. With a background in computer science and business from UPenn, Zon entered the crypto world during the DeFi summer of 2020, drawn by the excitement and innovation of the space. After initial ventures and learning experiences in the Terra collapse, he co-founded Initia with a clear vision: to simplify and enhance the multi-chain ecosystem.

Looking ahead, Zon is confident in Initia’s direction. With 12 layer-twos already building on the platform and the mainnet launch just months away, Initia is poised to make significant strides in the blockchain space. Zon’s focus remains on enabling developers to create unique applications without the burden of managing complex blockchain infrastructure. As he put it, "We're ensuring that the multi-chain system is as easy to build in and use as possible for end users."

Coinage members can watch our full interview with Initia co-founder Zon above. To support our community-owned outlet, own it with us, and unlock other exclusive benefits, mint one of our Membership Passes today or Stake with us today! Chat with Coinage in our Discord.