PANews reported on March 6 that according to CoinDesk and The Block, the startup DoubleZero Foundation has completed a $28 million financing at a valuation of $400 million, led by Dragonfly and Multicoin Capital, with participation from Foundation Capital, Reciprocal Ventures, DBA, Borderless Capital, Superscrypt and Frictionless. People familiar with the matter said that DoubleZero Foundation is currently looking for "strategic partners" to seek more strategic financing at a valuation of $600 million, and the strategic financing has not yet ended.

According to reports, DoubleZero is building a "new type of Internet" to improve blockchain performance. Its vision is to build a global private fiber optic cable network, and then use these cables to enable blockchains to transmit data more efficiently than on the public Internet. The project is seen as a key technology for Solana's plan to process 1 million transactions per second. DoubleZero is opening its licensed testnet to Solana validators and RPC, and plans to gradually expand to other chains. Its fiber optic cable network is connected to dedicated lines operated by Jump Crypto, RockawayX, Distributed Global, Latitude, and Terraswitch, and is accepting more contributors. DoubleZero also announced today the launch of its licensed testnet, making the DoubleZero network available to Solana validators and RPC.