Offchain Labs Launches Arbitrum One Mainnet and Raises $ 120 Million in Funding

Offchain Labs, the group behind the extremely anticipated Layer 2 Ethereum platform Arbitrum One, has accomplished the mainnet public launch of its bullish roll-up resolution.

Announced on August 31, Offchain Labs additionally introduced that it had raised $ 120 million in a Series B funding spherical led by Lightspeed Venture Partners, which additionally included buyers, main cryptocurrencies equivalent to Polychain Capital, Pantera Capital , Alameda Research and Mark Cuban.

Lightspeed accomplice Ravi Mhatre additionally joined the board of Offchain Labs throughout the spherical. Amy Wu, additionally a accomplice at Lightspeed, mentioned:

“[Offchain Labs’] Their commitment to the Ethereum developer community is second to none and they have the best scalable and easiest to use product. Because of this, over 400 projects have decided to start with Arbitrum, including Reddit. “

In May, Offchain Labs accomplished the rollout of Arbitrum One for builders, so builders can begin constructing on the platform.

Many main DeFi protocols have been constructed on prime of Arbitrum One, together with Aave, MakerDAO, Chainlink, and Uniswap. Last month, the favored social community Reddit additionally introduced that it could roll out its personal second-layer scroll based mostly on Arbitrum’s expertise.

Offchain Labs is not the one one pushing the size of Ethereum, with the optimism of the competing merger resolution taking builders in the previous couple of weeks, whereas Total Value Locked (TVL) has been in decentralized monetary protocols on the polygon sidechain for the reason that cryptocurrency’s current downtrend seems to have bottomed out at $ 5 billion.

Related: Chainlink Launches Data Checks on Arbitrum One’s Ethereum Scaling Solution

The public launch of Arbitrum One comes as gasoline charges on the Ethereum mainnet are persistently excessive because of the rising recognition of inedible tokens (NFTs).

According to Etherscan, the common price of gasoline has exceeded 100 gwei over the previous week, with common token transfers costing greater than $ 7, whereas transactions by decentralized exchanges value a median of over $ 65. la. In distinction, the gasoline price was 15 gwei a yr in the past.