Cytonic Raises $8.3M to Solve Blockchain Compatibility Issues

Cytonic, a pioneering multi-virtual-machine blockchain developed by MultiVM Labs, has raised $8.3 million in seed funding. The round was co-led by Lattice and Lemniscap, with support from prominent backers like IOBC, Nomura, and former BitMEX CEO Arthur Hayes. Cytonic’s innovative design addresses the complex compatibility issues that arise as blockchain ecosystems expand, allowing developers and users to interact across diverse networks seamlessly.

Cytonic introduces a unique Layer 1 blockchain capable of running multiple virtual machines (VMs) within a single network, complete with shared storage. This technology allows different state transition functions (STFs) to work in tandem within a single state transition. Currently, Cytonic mirrors both Ethereum and Solana VMs, which means any Ethereum Virtual Machine (EVM) or Solana Virtual Machine (SVM) tools, wallets, and decentralized apps (dApps) can operate effortlessly on Cytonic without modification.

Cross-Chain Compatibility and Capital Efficiency

With Cytonic’s framework, transaction fees are minimized, and transfer wait times between blockchains are significantly reduced, making decentralized applications more accessible. Users can seamlessly swap assets between VMs without the usual risks of cross-chain vulnerabilities. For instance, Cytonic enables atomic swaps of assets like Base tokens (ERC20) for Solana tokens (SPL) in a single liquidity pool on a decentralized exchange (DEX), optimizing capital usage across ecosystems.

Airdrop enthusiasts should note that Cytonic’s Airdrop App will go live on November 7, allowing early users to earn rewards by depositing funds from various chains. Founder Ivan Miskovic, previously an executive at Spin Labs, created Cytonic with industry veterans Chelsea and Badconfig to address the pressing issues of interoperability and liquidity management within the blockchain space.

Thanks to Cytonic’s EVM and SVM compatibility, projects can migrate from any EVM or SVM chain to Cytonic with minimal friction. This functionality empowers developers to integrate their applications onto Cytonic without rewriting code, tapping into a shared liquidity pool while reducing fragmentation across networks.

Investor Regan Bozman, GP at Lattice, shares his enthusiasm: “We are proud to have co-led this $8.3 million round for Cytonic. As the blockchain ecosystem continues to grow, many innovative projects struggle with liquidity and compatibility…Cytonic is tackling these compatibility issues head-on, breaking down the silos between blockchains while promoting greater collaboration, innovation, and adoption across the Web3 space.”

Cytonic is determined to revolutionize blockchain technology, creating a cohesive, interoperable ecosystem that benefits both developers and users by simplifying complex on-chain interactions.