Superfluid secures $5.1M Funding led by Fabric Ventures

Superfluid received a $5.1 million strategic round led by Fabric Ventures, with involvement from Multicoin Capital, Circle Ventures, and others.

Fabric Ventures led a $5.1 million strategic round that Superfluid has successfully completed. Multicoin Capital, Circle Ventures, The LAO, Taavet+Sten, and Safe Foundation were among the many participants in the fundraising.

A straightforward agreement for future equity with token warrants was used to complete the transaction, which grants investors the right to obtain equity upon the achievement of specific milestones.

The “distributed pools” advanced streaming functionality, which allows users to stream tokens one-to-many, was also announced as a launch of the Ethereum-based token streaming protocol.

Distributed pools enable users to transmit tokens to numerous recipients without significantly impacting gas fees, according to Superfluid co-founder and CEO Francesco George Renzi, who explained the concept to The Block.

According to Renzi, “streaming to a distribution pool is like streaming to a single user” when looking at it from the perspective of the sender. The gas cost for this one transaction is the same regardless of how many people get it. This opens the door for developers to use Superfluid to create gas-cost-predictable streaming smart contracts that can support millions of users.

Major clients including as ENS DAO, Optimism, and Allo Protocol have already been onboarded by Superfluid, according to their X post announcing the financing.

On a daily basis, Superfluid streams $1.5 million, and this year they have already streamed over $150 million in tokens for different clients.

The ENS DAO selected the protocol earlier this month to stream $5.4 million in developer incentives over the next 18 months, and the firm has already streamed over $110 million in OP tokens for more than 500 Optimism donors.

Ten blockchain networks that are compatible with the Ethereum Virtual Machine (EVM) are now available in Superfluid. Its long-term goal, according to Renzi, is to stay within the Ethereum ecosystem. Only then would it look to branch out to other blockchains.