EXCLUSIVE: Cata Labs, a blockchain infrastructure startup, has raised $4.2 million in seed funding led by crypto venture capital firm Spartan Group. Cata Labs is building CatalystAMM, a token-passing bridge for modular blockchains. 0x_tracy reports
“It’s become stupidly easy to make new blockchains,” said Jim Chang, co-founder of Cata. “There are ways where you can click a button and make a new blockchain. It doesn’t really make sense to have all these blockchains if they can’t talk to each other.”protocol Aave, is working with Cata co-founder Alexander Lindgren to launch Catalyst.
Catalyst is different from existing bridges in that it can come already integrated into blockchains that opt into its ecosystem, forgoing the laborious and manual integration process characteristic of bridges such as Wormhole.Catalyst’s thesis is that the future will hold thousands of modular blockchains that will need to communicate with each other.
“With the proliferation of rollups and app-specific chains, liquidity fragmentation is becoming a significant pain point and we have yet to see a unified liquidity layer that allows users to trade native assets seamlessly and efficiently cross-chain,” said Kelvin Koh, managing director of Spartan Group. “We believe Catalyst is in a great position to solve this pain point.”
A major challenge for the modular thesis, however, is attracting user activity onto its blockchains. “At the end of the day, all of these bridges are in a winner-takes-all race to build network effects,” Chang said.
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