The team behind the Ethereum layer-2 solution Arbitrum, Offchain Labs, announced the launch of the mainnet and the raising of $120 million from Lightspeed Venture Partners and other investors.
In the Series B financing round, Polychain Capital, Ribbit Capital, Redpoint Ventures, Pantera Capital, Alameda Research and Mark Cuban also participated.
The startup has attained unicorn status with a valuation of $1.2 billion. The total funds raised reached $124 million.
The team will devote the investment to further research and development of Ethereum scaling solutions.
The launch of the Arbitrum One mainnet enables end users to deploy decentralized applications. Previously, access had been limited to developers.
To use the solution, users must first bridge funds from Ethereum to their own wallet within the network via the Arbitrum bridge.
Developers promise more than a 50-fold reduction in costs versus the Ethereum blockchain.
In testing the mainnet, 350 projects expressed interest.
Balancer Labs, a DeFi project, announced on Day 1 that it had integrated with Arbitrum One.
We are excited to have the Balancer Protocol live on Arbitrum on Day 1!
Stay tuned for the removal of the whitelist from our mainnet! https://t.co/vZ1SofVx8s
— Arbitrum is hiring (@arbitrum) August 31, 2021
Earlier, Arbitrum was approved by Uniswap users.
Arbitrum uses Optimistic Rollups. The technology enables higher throughput than the Ethereum blockchain at lower costs. Transactions are processed on a side chain, batched, and returned to the Ethereum blockchain.
Earlier in May, the social content platform Reddit announced plans to test Arbitrum for its Community Points program.
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