LBank Labs, a prominent blockchain venture fund, has invested in Versatus, the Universal dApp Engine, to address one of the most critical roadblocks in realizing Web3’s immense promise – the developer shortage.
Despite over 27 million developers worldwide, less than 0.1% built for Web3. And out of those few, most leave within a year as per Electric Capital’s 2023 Developer Report. This trend not only hampers innovation but also limits the diversity and quality of dApps available to users.
Versatus tackles this head-on by enabling seamless migration of existing developer skills to Web3, allowing dApps to be built with familiar Web2 workflows.
Reflecting on the investment, David Yao, Principal Investor at LBank Labs shared:
“With Versatus, we saw tremendous potential to ignite developer activity to the scale required for mainstream adoption. Their platform provides the ideal on-ramp for existing developers to build the next generation of innovative dApps.”
As the Universal dApp engine, Versatus aims to swell the creator pool, enriching it with diverse perspectives and talents. LBank Labs views this as crucial to unlocking Web3’s full disruptive potential across industries. Versatus is also working closely with EigenLayer on their very first product, the world’s first stateless rollup, to unlock new possibilities for scaling Ethereum.
“We’re thrilled to have LBank Labs as partners,” said Versatus CEO Andrew Smith. “Their proven track record and experience accelerating Web3 companies will help us scale our platform and realize our vision of an open internet powered by millions of developers.”
The partnership between LBank Labs and Versatus is more than a financial investment; it’s a collaborative effort to fuel the growth of the Web3 developer ecosystem. Versatus’s commitment to reducing entry barriers and enhancing the developer experience is perfectly aligned with LBank Labs’ vision of supporting projects that have the potential to set new industry standards and accelerate the adoption of blockchain technologies.
Lbank Labs joins the group of leading blockchain investors including Jump Crypto, BigBrain Holdings, NGC Ventures, Republic Crypto, Taureon Group, and Hyperithm to bring Versatus’ mission of onboarding the next million Web3 developers to life.
About LBank Labs:
LBank Labs, with its $100M AUM, is renowned for its strategic investments in the blockchain and cryptocurrency space. Its portfolio boasts of innovative projects like Entangle, Puffer Finance, LunarCrush, Navi Protocol, Exabits, Hivello, and significant investments in VC funds such as Collab Currency, SevenX Ventures, IOSG Ventures, Blockchain Builders Fund, and more.
Disclaimer: This is a paid post and should not be treated as news/advice.
