Miden has successfully raised $25 million to develop its edge blockchain, with funding from a16z crypto, 1kx, and Hack VC, along with various other investors. Led by former Facebook blockchain experts, the project aims to create scalable, privacy-protecting applications by moving execution to user devices. It’s currently in its final alpha testnet phase, transitioning towards a mainnet launch within the year.
Miden, a blockchain startup, has just secured a significant $25 million in seed funding. The investment round was spearheaded by a16z crypto, 1kx, and Hack VC. Other participants included Finality Capital Partners, Symbolic Capital, and a host of individual angels like Rune Christensen of MakerDAO. This funding all comes after Miden’s incubation in the Agglayer Breakout Program, a strategic effort to stimulate blockchain innovation.
Led by the trio of Bobbin Threadbare, Domink Schmid, and Azeem Khan, who all hail from the blockchain team at Facebook (now Meta), Miden is now in the ranks alongside other notable projects like Sui and Aptos. Also part of this initiative is Privado ID, along with another unnamed DeFi chain. The new funding will also support Miden’s plans to provide around 10% of its native tokens to POL stakers as part of their ongoing strategy to bring community engagement and support.
Miden aspires to evolve into a Zero-Knowledge (ZK) powered ‘edge blockchain’. What does this mean? Well, it intends to move both execution and state to the user’s devices, a shift away from traditional methods employed by blockchains like Solana or Aptos. This design aims to create scalable, privacy-oriented applications, allowing developers to implement complex logic without sacrificing user privacy or compliance.
Bobbin Threadbare, co-founder, enthusiastically stated, “No current blockchain is ready for mass adoption; they always fall short somewhere – either scaling issues, privacy concerns, or usability. With ZK tech, we can reshape how blockchains work, pushing everything to the edge.” This edge approach is focused on client-side execution, a concept he’s calling edge blockchains.
Currently in its alpha testnet phase, Miden is working with a select group of builders through their Miden Pioneer program. This initiative aims to onboard early developers who can stress-test and validate the network using real-world applications. Wei Dai from 1kx expressed confidence in Miden, citing its potential to address significant challenges in the blockchain ecosystem, like fragmentation and privacy issues.
The funding will certainly help accelerate development efforts—expanding the ecosystem, advancing core protocols, and improving developer tools. Alex Pack from Hack VC praised Miden, stating it embodies the “holy grail of decentralized technology,” combining scalability with private state solution support. Excitement is buzzing as folk anticipate the launch of the mainnet, expected later this year.
