Hashed Leads $4.5 Million Investment Round in Next-Gen Layer 2 Project ‘Blackwing’
Hashed has invested in the next-generation Layer 2 appchain project, Blackwing. This investment round, totaling $4.5 million (approximately KRW 6 billion), was co-led by Hashed and Gumi Cryptos, a Japanese cryptocurrency investment firm. Other participants included AlphaLab Capital, Coin98, and Kyber Ventures.
Blackwing is a Layer 2 chain built on the Initia Layer 1 network, which is based on Cosmos (ATOM). It allows for the operation of various modular apps while maintaining decentralization and enables leverage trading with significantly reduced liquidation risk through its innovative Limitless Pools.
Modular blockchains process transactions, execution, and security in separate layers, reducing the burden on the network and increasing security and decentralization compared to monolithic blockchains, which record all transactions on a single chain. This approach has recently attracted significant attention in the industry.
In particular, Limitless Pools offer high fees to Liquidity Providers and stable leverage effects to traders. They use the liquidity providers’ positions as collateral, irrespective of the trading assets’ price fluctuations, to regenerate positions used in trading, thereby preventing liquidation.
Furthermore, Blackwing minimizes complex executions with its intent-solver architecture, allowing users to transfer assets to other chains without using separate bridges or creating additional wallets. This simplicity of network operation and high efficiency enable users to experience lower costs and enhanced security through Blackwing.
Blackwing’s co-founders, Shahmeer Navid and Zorayr Khalapyan, who formerly worked at the mobile investment platform Robinhood and Meta (formerly Facebook), plan to use their experience as engineers and product leaders at major IT companies to expand the modular blockchain ecosystem.
Kim Baek-kyum, a partner at Hashed, stated, “The ability to conduct leverage trading across various chains without forced liquidation marks an important development in DeFi. Blackwing is developing projects that offer low costs, high security, and convenient user experiences. We expect the blockchain ecosystem to grow more innovatively through the products they are developing.”
Shahmeer Navid, co-founder of Blackwing, remarked, “The Web3.0 ecosystem is reaching a new turning point with the adoption of modular blockchains. Highly specialized and scalable appchains that interconnect will not be dominated by large monolithic chains but will attract an explosive influx of next-generation traders.”
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