News linked to both this project and an event.
OdailyOdaily reports that Squid, a cross-chain infrastructure platform, has completed a $6 million strategic funding round led by North Island Ventures, with participation from Ripple, Dialectic, Borderless, and others.It is reported that Squid was initially incubated within the Axelar ecosystem before developing into an independent platform. Since its launch in 2023, Squid claims to have processed over $6 billion in cross-chain transaction volume, covering more than 100 blockchains, with over 4 million cumulative transactions and over 1 million users.Following this funding round, Squid's total cumulative funding has reached $13.5 million. The company plans to use the new funds to launch new consumer-facing products, further streamlining the process for users to access, manage, and use crypto assets across different chains.
Axelar Network stated that the hacker attack and theft of funds undermine users’ overall trust in blockchain systems and slow down the adoption of the global ledger it envisions. Axelar expressed its support for the LayerZero team in navigating this difficult situation and rebuilding trust. Regarding this approximately $290 million attack, Axelar emphasized that—pending final forensic findings—the incident once again highlights the need for multi-layered security in cross-chain bridge construction. This includes ensuring operational security for bridge operators, validators, and validating nodes; providing proper incentives and training; and removing validators whose technical capabilities are not adequately demonstrated. Additionally, operators must be sufficiently numerous, structurally heterogeneous, diverse, and geographically distributed to prevent ultimate control by a single entity.