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Intent-centric Ethereum Layer 2 project, Essential, has successfully raised $11 million in a Series A funding round. The funding was led by Archetype, with participation from several other high-profile investors. Essential aims to build an 'intent-based' blockchain that enables consensus on state updates without requiring execution, allowing developers to create more sophisticated applications than those possible on traditional VM-based chains. This approach marks a shift from imperative to declarative blockchain design, supporting web3's transition to a more intent-focused future. The project is led by Liesl Eichholz and Simon R0204.
We're incredibly excited to announce our lead investment in Essential! Led by @liesleichholz and @simonr0204, @intentessential is an executionless blockchain that leverages intents in a bold new way ↓ https://t.co/dagsSfgfOf
Extremely happy to back Essential and bring the intent-centric future to life via their dedicated L2. Very novel idea in terms of blockchain design (from imperative to declarative), looking forward to playing around on testnet soon. https://t.co/EtGo2z3Twa
By enabling consensus on state updates without requiring execution, Essential will empower devs to build more sophisticated apps than what is currently possible on VM-based chains with traditional gas metering. Thrilled to support @liesleichholz, @simonr0204, and their team 🚀 https://t.co/dDBW0BkvUo
