Coinbase-backed Router Protocol launches its own Layer 1 blockchain

Interoperability project Router Protocol has launched a Layer 1 network designed for the development of decentralized applications that function across multiple blockchains.

Known as the Router Chain, the network aims to aggregate liquidity and facilitate cross-chain interactions through what’s known as the Cross-Chain Intent Framework.

The Layer 1 is based on proof-of-stake consensus using the Tendermint framework. Furthermore, it utilizes the native Router token for security, transaction fees and governance.

“The introduction of Router Chain highlights Router Protocol’s dedication to transforming the fragmented blockchain landscape into a chain-abstracted ecosystem,” said Ramani Ramachandran, Founder and CEO of Router Protocol.

Besides the new Layer 1 chain, Router is known for operating a bridge protocol within a competitive niche that includes players like Wormhole, LayerZero, Axelar, Across and Synapse.

In 2021, Router raised $4.1 million in a funding round backed by Coinbase Ventures, Polygon, DeFi Capital, Wintermute, and others.