Ethereum Privacy Network Payy Secures $6 Million in Funding

Ethereum's privacy-focused EVM Layer 2 network, Payy, has successfully raised $6 million in a funding round led by FirstMark Capital, with participation from Robot Ventures and DBA Crypto. According to Foresight News, Payy has officially launched, offering users automatic privacy for transactions once the network is added to MetaMask, eliminating the need for complex operations. Payy utilizes a native privacy pool to store all ERC-20 tokens, enabling direct transfers within the pool. Smart contract interactions allow withdrawals to new addresses from the pool, while private transaction data is stored in an off-chain privacy vault. Developers can configure the privacy vault by querying parameters through an RPC URL.