Offchain Labs unveils Ethereum scaling solution and $120M funding

Arbitrum One is present unrecorded connected the Ethereum mainnet and Offchain Labs plans to standard its squad arsenic the fig of projects utilizing the solution continues to increase

Offchain Labs, an Ethereum Layer 2 solutions provider, has launched the nationalist mainnet of its scaling level Arbitrum One, according to an announcement the institution published yesterday.

The Offchain Labs squad besides announced a palmy backing circular that saw it rise $120 cardinal from caller and existing investors.

As per the company's property statement, Lightspeed Venture Partners led the Series B backing round, with financing from starring capitalist firms successful the assemblage specified arsenic Polychain Capital, Alameda Research, Ribbit Capital, Pantera Capital and billionaire Mark Cuban.

"We are excited to spouse with our investors who recognize the value of scaling Ethereum and bringing the Ethereum ecosystem to the masses," Offchain Labs CEO and co-founder Steven Goldfeder said successful a statement.

Arbitrum One is simply a highly anticipated Layer 2 (L2) solution designed to springiness Ethereum users entree to low-cost transactions. The task is attracting galore developers keen to chopped down connected state fees arsenic good arsenic deploy decentralised applications (dApps) successful a unafraid ecosystem.

With the nationalist concatenation going unrecorded and its compatibility with the Ethereum Virtual Machine (EVM), the task has already attracted hundreds of developers. For this radical of web users, the thought is to leverage the solution's easy-to-use features adjacent arsenic they debar the request to spot up their astute declaration codes.

Offchain Labs plans to usage portion of the financing to proceed expanding its squad and marque the L2 task the go-to level for fintech and decentralised concern (DeFi) projects.

The squad besides plans to put successful probe and development, to further amended the Arbitrum platform.

Currently, determination are implicit 400 projects already utilizing Arbitrum One, including web contented level Reddit. Other apical projects utilizing the solution are Chainlink, Aave, Uniswap and MakerDAO.