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

Indian Central Bank Sees Cryptocurrencies Gaining Popularity, Exploring Digital Rupee
Indian Central Bank Sees Cryptocurrencies Gaining Popularity, Exploring Digital Rupee India’s central bank, the Reserve Bank of India (RBI), has published
Ross Ulbricht Uses Elliot Waves to Predict Bitcoin’s Trajectory From Behind Bars
Ross Ulbricht Uses Elliot Waves to Predict Bitcoin’s Trajectory From Behind Bars Ross Ulbricht, serving life without parole for allegedly running the Silk Road marketplace, has
Andreessen Horowitz Publishes ‘Crypto Startup School’ Documentary
Andreessen Horowitz Publishes "Crypto Startup School" DocumentaryThe California-based private American venture capital firm, Andreessen Horowitz, has published a documentary called
Alice Ivey9 hours ago5 ChatGPT prompts for web developersUncover the synergy between ChatGPT and web development with five intriguing prompts that spark creativity and problem-solving.1376 Total views12 Total sharesListe
Trader earns $23M flipping Solana memecoins: Here’s how
Ezra Reguerra14 hours agoTrader earns $23M flipping Solana memecoins: Here’s howThe trader received a $6.28 million payday trading BONK, $9.51 million trading WIF and $7.04 million from BODEN.7334 Total views25 Total s
ADALend: New Wave of DeFi Loans on Cardano
ADALend: New Wave of DeFi Loans on Cardano sponsored ADALend is building a scalable and decentralized lending protocol on Cardano, governed by the community. Cardano is the market l
Buy The Dip? Bitcoin’s $80K Drop Just A Pit Stop Before $150K—Analyst
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
US prosecutors to continue tussle for Do Kwon’s extradition: Report
Brayden Lindrea4 hours agoUS prosecutors to continue tussle for Do Kwon’s extradition: ReportThe United States and South Korea have been fighting for Kwon’s extradition since he was arrested in March 2023.1826 Total
Cambridge Centre for Alternative Finance Launches Digital Assets Research Project With 16 Banks
Cambridge Centre for Alternative Finance Launches Digital Assets Research Project With 16 Banks On Tuesday, Cambridge Centre for Alternative Finance (CCAF) at Cambridge Judge Busin
Report: Withdrawal Limits for Egyptian Travelers Lowered as Banks Seek to Conserve Scarce Forex
Report: Withdrawal Limits for Egyptian Travelers Lowered as Banks Seek to Conserve Scarce Forex According to a report, some Egyptian banks recently informed clients who plan to tra
A Sea Change to Crypto Hits America, Again
A Sea Change to Crypto Hits America, Again A sea change is coming to cryptocurrency in America. It is likely to hit in two separate waves: a central bank digital currency (CBDC)
Chainlink Hits $13.5 For The First Time Since July – Smart Money Accumulation?
Este artículo también está disponible en español. Chainlink (LINK) has surged impressively over the past few days, breaking above the critical $13 resistance level and po