Arbitrum One is now live on the Ethereum mainnet and Offchain Labs plans to expand its team as more projects adopt the solution
Offchain Labs, a provider of Ethereum Layer 2 solutions, has launched the public mainnet for its scaling platform Arbitrum One, according to a company announcement published yesterday.
The Offchain Labs team also announced a successful funding round, raising $120 million from new and existing investors.
According to the company statement, Lightspeed Venture Partners led the Series B round, with participation from prominent industry investors such as Polychain Capital, Alameda Research, Ribbit Capital, Pantera Capital and entrepreneur Mark Cuban.
“We’re excited to work with investors who understand the importance of scaling Ethereum and bringing the Ethereum ecosystem to the masses,” said Steven Goldfeder, CEO and co-founder of Offchain Labs, in a statement.
Arbitrum One is a long-awaited Layer 2 (L2) solution specifically designed to give Ethereum users access to low-cost transactions. The project attracts many developers seeking to reduce gas costs and deploy decentralized applications (dApps) in a secure environment.
With the public chain now live and Ethereum Virtual Machine (EVM) compatible, the project has already drawn hundreds of developers. These network users appreciate the platform’s developer-friendly features and can often deploy without needing to modify their existing smart contract code.
Offchain Labs intends to use part of the funding to grow its team and position the L2 project as a go-to platform for fintech and decentralized finance (DeFi) initiatives.
The team also plans to invest in research and development to further improve the Arbitrum platform.
Currently, more than 400 projects are using Arbitrum One, including the web content platform Reddit. Other leading projects that have adopted the solution include Chainlink, Aave, Uniswap and MakerDAO.