Revolutionary Toolkit: OneBalance Secures $20M to Empower Crypto Developers

Are you a developer frustrated by the complexities of building crypto applications across different networks? You’re not alone. The fragmented world of blockchain presents significant hurdles, from managing various networks and gas tokens to navigating risky bridging processes. This complexity often leads to poor user experiences and lower conversion rates for decentralized applications (dApps). Addressing this challenge head-on, OneBalance recently announced a significant step forward for crypto developers.

OneBalance Secures $20M for Developer Toolkit

OneBalance, a platform focused on multichain applications, has successfully closed a $20 million Series A funding round. This substantial investment is aimed at launching a developer toolkit designed to simplify the crypto user experience (UX) for both developers and fintech companies. The funding round saw participation from notable investors, including cyber•Fund, Blockchain Capital, Bybit’s Mirana Ventures, and L2IV.

Solving the Fragmented Blockchain UX

Founded by an ex-Coinbase engineer and contributors from Flashbots, OneBalance aims to tackle the persistent issue of fragmented blockchain UX. Their core offering, the Toolkit technology, promises a radical simplification: enabling users to transfer, swap, or earn yield with just a single click. The goal is to abstract away the underlying network complexities, eliminating the need for users to worry about manual bridging or managing different gas tokens across chains.

Daniel Worsley, co-founder and chief operating officer of OneBalance, highlighted the benefits for developers integrating the Toolkit. Developers can generate revenue through configurable transaction fees. These fees, including gas costs, can be bundled into a single payment for the end-user, streamlining the process significantly. This approach leads to:

• Faster transaction execution
• Higher application conversion rates
• Improved capital efficiency for users

Simplifying Crosschain Transactions with Resource Locks

One of the most promising features introduced by OneBalance is Resource Locks. Launched in early 2024, this feature offers a novel method for handling crosschain transactions. Unlike traditional blockchain bridges, which often rely on pooled assets vulnerable to hacks (like the Ronin Bridge incident), Resource Locks enable asynchronous execution across blockchains without central vaults or smart contract balances holding pooled funds.

Worsley explained that Resource Lock allows users to ‘lock’ funds across different chains using a single cryptographic intent, removing the need for pre-bridging steps. By aggregating balances fragmented across multiple chains, it empowers users to deploy funds without the prior step of moving them all to one network. This method enhances security by avoiding common bridge vulnerabilities while improving user convenience.

Expanding Network Support and Future Vision

The OneBalance Toolkit has already demonstrated success with native Bitcoin-to-Ethereum Virtual Machine (EVM) swaps. The company plans to roll out support for Solana and other major networks in the near future, expanding the reach and utility of their platform for crypto developers building multichain applications.

This significant round of crypto funding underscores the market’s recognition of the critical need for better developer tools and user experiences in the blockchain space. OneBalance’s approach aims to abstract away the underlying infrastructure complexities, allowing developers to focus on building innovative applications while providing end-users with a smooth, one-click experience across various chains.

Summary

OneBalance’s successful $20 million funding round marks a pivotal moment in the quest to simplify blockchain development and usage. By providing a developer toolkit that streamlines crosschain transactions and abstracts away technical hurdles, OneBalance is poised to significantly improve the blockchain UX. This investment will fuel the expansion of their platform, offering developers powerful tools to build more efficient, secure, and user-friendly dApps, ultimately accelerating mainstream adoption of decentralized technologies.