Offchain Labs, the developer of Ethereum scaling solution Arbitrum, which uses optimistic rollups technology, has launched its mainnet, dubbed Arbitrum One. The project has also raised $120 million in a Series B funding round.
The mainnet launch means the public can now interact with decentralized apps on Arbitrum, Offchain Labs co-founder Steven Goldfeder told The Block. Until now, only developers could launch and test their apps on Arbitrum, but now their users can use apps, said Goldfeder.
Arbitrum is a Layer 2 scaling solution that promises to handle many more transactions than Ethereum at lower costs. It processes transactions on a sidechain that uses optimistic rollups technology and then regularly settles them in batches to the main Ethereum blockchain.
Arbitrum is the first scaling solution by Offchain Labs and the project is working on more solutions to scale Ethereum, said Goldfeder. “We will use the newly raised capital to grow our team and continue to invest heavily in R
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