Offchain Labs, the staff behind the extremely anticipated Ethereum layer two platform, Arbitrum One, has accomplished the general public mainnet launch of its optimistic rollups answer.
Introduced on Aug. 31, Offchain Labs additionally revealed that it has secured $120 million in a Collection B fundraising spherical. The spherical was led by Lightspeed Enterprise Companions and in addition noticed participation from heavyweight crypto traders Polychain Capital, Pantera Capital, Alameda Analysis and Mark Cuban.
Lightspeed associate Ravi Mhatre additionally joined Offchain Labs’ board as a part of the spherical. Amy Wu, additionally a associate at Lightspeed, said:
“[Offchain Labs’] dedication to the Ethereum developer group is second to none they usually have the most effective, easiest-to-use scalability product. That’s why over 400 initiatives have chosen to launch with Arbitrum, together with Reddit.”
In Could, Offchain Labs, accomplished its beta launch of Arbitrum One for builders, permitting builders to start constructing on the platform.
Many main DeFi protocols are already constructing on Arbitrum One, together with Aave, MakerDAO, Chainlink, and Uniswap. Final month, in style social media community Reddit additionally introduced it’ll launch its own layer-two rollup based mostly on Arbitrum’s expertise.
Offchain Labs aren’t alone in pushing to scale Ethereum, with rival rollups answer Optimism onboarding developers in latest weeks, whereas the full worth locked (TVL) in decentralized finance protocols on the Polygon sidechain seems to have discovered a flooring at $5 billion for the reason that latest crypto downtrend.
In response to Etherscan, common fuel costs have exceeded 100 gwei over the previous week, with common token transfers costing greater than $7 whereas transactions utilizing decentralized exchanges exceed $65 on common. In contrast, fuel costs had been simply 15 gwei one yr in the past.