Offchain Labs has accomplished the mainnet public launch of its Layer 2 Ethereum answer, Arbitrum One.

OK announced On August 31, Offchain Labs additionally introduced that the corporate had raised $ 120 million in funding in a Series B spherical.

Offchain Labs staff

The spherical was led by Lightspeed Venture Partners with the participation of main buyers Polychain Capital, Pantera Capital, Alameda Research and Mark Cuban.

Lightspeed Venture Partners’ Ravi Mhatre may even be part of the Board of Directors of Offchain Labs underneath the funding settlement.

“Offchain Labs’ dedication to the Ethereum developer group is second to none they usually have probably the most scalable and best to make use of product. Because of this, over 400 initiatives have determined to start out with Arbitrum, together with RedditLightspeed companion Amy Wu stated.

In May, Offchain Labs accomplished the beta of Arbitrum One so builders can begin growing the platform.

Many main DeFi protocols have been constructed on prime of Arbitrum, together with Aave, Makerdao, Chainlink, and UnisWap. Last month, Reddit additionally introduced that it will be launching its personal Layer-2 based mostly on Arbitrum’s expertise.

Arbitrum One’s public launch comes at a time when gasoline charges for Ethereum have been persistently excessive as a result of recognition of the NFT and GameFi increase.

Ethercan stated the typical price of gasoline exceeded 100 gwei over the previous week, averaging over $ 7 per token switch and as much as $ 65 for swaps on decentralized exchanges. It isn’t any exaggeration to say that the Ethereum community is just not for the poor.

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