Fun

Offchain Labs Launches Arbitrum One Mainnet — Startup Raises $120 Million

News Feed - 2021-09-02 03:09:07

Offchain Labs Launches Arbitrum One Mainnet — Startup Raises $120 Million


On August 31, 2021, Offchain Labs announced the official launch of Arbitrum One mainnet and further detailed that the company has raised $120 million in funding. The Series B financing led by Lightspeed Venture Partners gives the firm a $1.2 billion valuation. Arbitrum One Mainnet Is Now Live, Offchain Labs Raises $120 Million in Funding


The highly anticipated Arbitrum One mainnet launch has been revealed by the firm Offchain Labs and the startup also detailed the company has raised $120 million in financing. Bitcoin.com News has written about the Arbitrum One Layer-2 scaling solution on a few occasions as the protocol leverages Optimistic rollups to help Ethereum scale. A number of popular decentralized finance (defi) projects are leveraging Arbitrum’s gateway in order to give users better fee rates and faster actions.


Arbitrum’s technology is leveraged by defi projects like Aave, Balancer, Band Protocol, Coinbase Wallet, Chainlink, Curve, DAI stablecoins, Etherscan, Dodo, Metamask, Shapeshift, Sushiswap, Uniswap, and many more. In addition to the launch, Offchain Labs revealed the startup raised $120 million in funding led by Lightspeed Venture Partners. Other Offchain Labs investors included the Shark Tank television host and billionaire Mark Cuban, Polychain Capital, Ribbit Capital, Redpoint Ventures, Pantera Capital, and Alameda Research. Over 400 Projects Leverage Arbitrum’s Technology, Synfutures Implements Arbitrum


Bitcoin.com News also reported on how the popular online forum website Reddit is using Arbitrum’s technology with its Ethereum-based community points system. “[Offchain Labs’] dedication to the Ethereum developer community is second to none and they have the best, easiest-to-use scalability product. That’s why over 400 projects have chosen to launch with Arbitrum, including Reddit,” Amy Wu, a partner at Lightspeed said in a statement.


Moreover, a few other projects added Arbitrum One support to line up with the mainnet launch. ​​Decentralized derivatives exchange Synfutures revealed on Wednesday that the project was “now deployed on Arbitrum One.” “As we support the variety of investors entering the decentralized derivatives space, we want to be where they are. In a short time, Arbitrum has established itself as one of the most promising chains in the space, so the integration was a natural fit for us,” Rachel Lin, the founder and CEO at Synfutures detailed.


What do you think about the Arbitrum One mainnet launch and Offchain Labs raising $120 million? Let us know what you think about this subject in the comments section below. Bitcoin Law Critic Arrested in El Salvador Without Warrant NEWS | 6 hours ago Fractionalizing the Doge NFT, Cryptopunk 543 Gets Chopped and Sold for $1 per Share NEWS | 10 hours ago Tags in this story $120 Million, Amy Wu, Arbitrum, Arbitrum One, DAI stablecoins, Dodo, Ethereum Scaling, etherscan, L2 Solution, layer 2, Lightspeed Venture Partners, mainnet launch, metamask, Offchain Labs, optimistic rollups, Rachel Lin, Scaling, Series B, Shapeshift, Sushiswap, Synfutures, uniswap


Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

SHIB Listed on ChangeHero for Accountless and Limitless Exchange
SHIB Listed on ChangeHero for Accountless and Limitless Exchange press release PRESS RELEASE. ChangeHero instant cryptocurrency exchange listed SHIB on its platform. Customers can e
Biggest Movers: SHIB, LTC Marginally Higher During Volatile Start to the Week
Biggest Movers: SHIB, LTC Marginally Higher During Volatile Start to the Week Shiba inu started the week trading marginally higher, despite cryptocurrencies mostly consolidating on
Metamask Wallet Users Warned to Be on the Lookout for Address Poisoning Attacks
Metamask Wallet Users Warned to Be on the Lookout for Address Poisoning Attacks To avoid becoming victims of an address poisoning attack, Metamask wallet users should ditch the pra
Gocrypto SLP Token Starts Trading on Bitcoin.com Exchange
Gocrypto SLP Token Starts Trading on Bitcoin.com Exchange On 25 November 2019, the Gocrypto (GOC) token will start trading on Bitcoin.com Exchange. The new SLP token enables merc
Lastpass Data Breach Frightens Users, Some Say Hack ‘May Be Worse Than They Are Letting on’
Lastpass Data Breach Frightens Users, Some Say Hack ‘May Be Worse Than They Are Letting on’ People involved in financial tech, software programming, cyber security, and cryptoc
Report: Lebanon Planning to Devalue Currency by 93%, Depositors to Lose $38 Billion
Report: Lebanon Planning to Devalue Currency by 93%, Depositors to Lose $38 Billion The Lebanese government is reportedly planning to devalue the local currency by up to 93% in a d
Jesse Coghlan7 hours agoDirector YOLO’d $4M of Netflix budget into Dogecoin, made $27M: ReportCarl Erik Rinsch reportedly used nearly $11 million of his Netflix show’s budget to gamble with stocks and crypto and made
Donald Trump Warns US Economy Is Facing ‘Much Bigger Problem Than Recession’ — ‘We’ll Have a Depression’
Donald Trump Warns US Economy Is Facing "Much Bigger Problem Than Recession" — "We"ll Have a Depression" Former President Donald Trump has warned that the U.S. economy is facing
Crypto Super PAC spends $1.3M on media buy for Arizona Democrat
Turner Wright3 hours agoCrypto Super PAC spends $1.3M on media buy for Arizona DemocratThe Protect Progress political action committee has been behind media buys for candidates in many congressional races across the Unit
Blockchain Platform to Set up a Tokenization Solution for Argentinean Farmers as Peso Keeps Plummeting
Blockchain Platform to Set up a Tokenization Solution for Argentinean Farmers as Peso Keeps Plummeting With Argentineans facing rising inflation to near 40%, sol
Nivesh Rustgi7 hours agoSolana price hits a 2023 high, but do strong fundamentals back the SOL rally?SOL’s price rallied to a year-to-date high above $30, but Solana’s struggle with increasing its user stats calls th
Fed Governor Brainard Identifies Libra Threat, Says Regulatory Hurdles Abound
Federal Reserve governor Lael Brainard delivered a sharp critique of Libra on Wednesday, stating the Facebook-led project would need to resolve a number of regulatory hurdles before going live.