Cytonic

Cytonic is a Layer 1 blockchain developed by MultiVM Labs, a company founded in 2021. The project is spearheaded by founder Ivan Miskovic, who previously served as an executive at Spin Labs. He is joined by co-founders Chelsea, a former partner at Foresight Ventures, and 'badconfig,' a former senior engineer at Faraway. This leadership team brings together extensive experience in building, investing, and developing decentralized technologies across prominent blockchain ecosystems like Bitcoin, Ethereum, and Solana.

Addressing the critical issue of blockchain fragmentation, Cytonic introduces a multi-virtual-machine (Multi-VM) architecture. This design allows the platform to run multiple virtual machines, such as the Ethereum Virtual Machine (EVM) and Solana Virtual Machine (SVM), within a single, unified network layer that utilizes shared storage. This technical approach enables transactions from different blockchain environments to be processed together within a single block, a feature termed atomic Cross-VM transactions. The platform's core objective is to facilitate seamless interoperability, allowing developers to deploy existing decentralized applications (dApps) from various chains onto Cytonic without rewriting code.

The primary clients for Cytonic are dApp developers and users within the Web3 space who face challenges with cross-chain compatibility and liquidity fragmentation. For developers, Cytonic offers a streamlined process to scale their applications horizontally and tap into liquidity from multiple networks. For users, the platform aims to simplify the experience by allowing them to manage assets from different chains in a single wallet and execute cross-chain swaps on a single decentralized exchange (DEX) with reduced fees and wait times. The company's business model is centered on its Layer 1 blockchain, which will likely generate revenue through transaction fees and the inherent tokenomics of its native token, which is supported by a Proof of Stake (PoS) consensus mechanism.

In November 2024, Cytonic announced a significant milestone, having raised $8.3 million in a seed funding round. The round was co-led by Lattice and Lemniscap, with participation from notable investors including IOBC, Nomura, Lyrik, Public Works, and Arthur Hayes. This capital is intended to accelerate the development of the Cytonic platform and expand its operations.

Keywords: multi-virtual-machine, Layer 1 blockchain, blockchain interoperability, MultiVM Labs, Ivan Miskovic, EVM compatibility, SVM compatibility, cross-chain transactions, decentralized application platform, Web3 infrastructure, atomic swaps, Proof of Stake, blockchain development, decentralized finance, crypto investment, blockchain compatibility, shared storage blockchain, parallelized execution layer