Quai Network, a Layer-1 blockchain designed for the global compute and energy economies, has successfully raised $5 million in its most recent funding round. This round attracted investments from multiple venture capital firms, including Cogitent Ventures, MH Ventures, TPC Ventures, Giga Chad Ventures, and DexCheck Ventures. This latest funding follows a previous $10 million investment from Polychain Capital and Alumni Ventures, bringing Quai’s total funding to $15 million.
Innovating Decentralised Currency Solutions
The network is focused on launching a decentralised energy-backed currency on its scalable Proof-of-Work blockchain. Quai Network claims to address the long-standing challenges in decentralised networks by eliminating the trade-offs between scalability and security.
Sayantan Mitra, PhD and General Partner at Cogitent Ventures, commented on Quai’s innovative structure: “Quai Network’s unique hierarchical architecture redefines the concepts of scalability and security, removing the necessity to choose one over the other. By facilitating seamless and trustless interactions across multiple chains and supporting rapid, low-cost transactions, Quai effectively tackles the challenges of multi-chain systems and prepares for high-throughput global execution.”
Launching the Devnet for Developer Engagement
Recently, Quai Network launched a Mainnet-compatible Devnet, paving the way for its fourth testnet. This Devnet is the first to incorporate workshares, UTXO transactions, and dynamic sharding, providing developers with the infrastructure needed to build on Quai. The team is actively inviting developers to create projects that will help expand the Quai ecosystem.
Francisco Aguilera, Founder and CEO of TPC Ventures, expressed enthusiasm for Quai’s innovative model: “In Quai, we’ve uncovered a realm where energy and currency converge with remarkable efficiency. The dual system and PoEM consensus not only offer scalability and security, but also introduce a new lexicon for the digital economy.”
Strategic Plans for Growth and Community Engagement
The funds that will be raised in this latest round will be mainly used to grow the Quai team, especially in the engineering and developer relations fields. Also, the network aims to expand the focus on research and development activities coupled with increased community involvement.
Quai Network was launched in 2022 and, since then, has defined the solutions for blockchain scalability, enhanced security through cryptographic algorithms, and achieved high efficiency in their consensus mechanism. Its capability to be integrated with other blockchains and the financial systems, coupled with the proper governance measures, has further cemented its position in a decentralised ecosystem.
These developments in Quai Network are balanced by the strategic partnerships in the industry that have been established. The network has partnered with other prominent blockchain projects like Cardano and Ergo, and it is a member of UTXO Alliance to improve the UTXO model. In addition, Quai is also in partnerships with PortalToBitcoin, Stork Network, and IO? Net, which in turn enriches its ecosystem even more.
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Quant price dips as whale makes major move
Quant is experiencing added pressure after a major whale transferred over 118,000 QNT tokens to the Kraken exchange.
Previously, QNT reached a high of $102 on May 21, but is now trading around $64.85, suggesting that bullish momentum is waning, and bears may retest levels not seen since June 2022.
Whale Transfers 118k QNT Tokens
According to Spot On Chain, a whale that acquired Quant tokens six years ago has moved 118,009 QNT tokens to Kraken, valued at approximately $9.76 million. Lookonchain also noted that this whale recently sold 8,050 QNT tokens as the price approached $92, which coincided with an 11% drop in QNT’s value.
Having held onto these tokens without selling during the 2021 bull market, this whale’s recent decision to cash in reflects a missed opportunity for an impressive $130 million gain.
“Six years ago, this address accumulated 326K QNT, which was worth only $200K at the time and remained dormant for six years. They notably missed the 2021 uptrend that could have escalated their holdings’ value to $130 million—a 650x increase,” Spot On Chain stated on X.
In 2021, Quant’s price peaked at $427, and the current valuation is down approximately 81% due to prevailing bearish pressures.
92% of QNT Addresses Facing Losses
Data from IntoTheBlock reveals that among addresses that purchased QNT within the price range of $59.22 to $98.17, only 20% are currently in a profit position. Nearly 57% of these addresses are at a loss, while 23% are at break-even.
When looking at all addresses that hold QNT, on-chain data indicates that almost 92% are currently in a loss, as prices remain below $80.22.
The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.
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