Mezo, a Bitcoin scaling network built by Matt Luongo's Thesis, has emerged from stealth with $21 million in funding.
Mezo, a Bitcoin scaling network built by Matt Luongo's Thesis, has emerged from stealth with $21 million in funding.
Thesis began raising funds for Mezo last December and closed the round this week, Luongo, CEO of Thesis and founder of Mezo, told The Block. The round occurred in two tranches, totaling $21 million, Luongo said. He declined to comment on valuation and the structure of the round, but Mezo will have a native token.Thesis calls Mezo a Bitcoin "economic layer," which will focus on creating an ecosystem of applications based on users' economic needs, from groceries to tuition.
Mezo uses "proof of HODL" as a consensus mechanism. Users secure the network by locking BTC and MEZO tokens. "The focus is aligning Mezo economically with BTC holders, who stake and earn rewards for running the network," Luongo said. Users will receive five one-time invitations to extend to their friends upon joining Mezo. Subsequently, Mezo will distribute reciprocal earnings based on the duration and amount of their friends' bitcoin deposits made through the invitations.
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