In Brief:
- Arbitrum is a Layer 2 solution for the Ethereum network that is developer-friendly and has a broad ecosystem of support.
- The company also announced it has raised $120M in funding.
According to the announcement, Offchain Labs opened up its Arbitrum One Mainnet to the public on 31st August. Arbitrum is a Layer 2 solution for the Ethereum network that is developer-friendly. It also has a broad ecosystem of support.
The company also revealed that it has secured $120 million in a Series B fundraising round. Lightspeed Venture Partners led the funding round with the participation from Mark Cuban and others.
Other newly announced investors in the round include Polychain Capital, Ribbit Capital, Redpoint Ventures, Pantera Capital, Alameda Research, and others. Ravi Mhatre from Lightspeed also joined the company’s board as a part of this round.
The Arbitrum one in the post-launch period will roughly match the current capacity of Ethereum L1, which is 80,000 arbgas. They temporarily pause the network for implementation.
Offchain also announced the bug bounty program for an additional layer of security diligence. Immunefi will manage the program. The program has set criteria for rewarding the efforts put in line.
Offchain added that they will monitor network usage in the coming months and weeks to improve stability and performance. They’ll gradually increase the transaction cap and add further features to improve Arbitrum’s developer experience.
In May, Offchain Labs, completed its beta launch of Arbitrum One for developers, allowing developers to begin building on the platform. Since its launch for developers in May, it has had over 350 projects sign up for access. Until now, only developers could launch and test their apps on Arbitrum, but now users can also use apps.
Offchain Labs built its platform in response to an increasing need for scaling Ethereum without compromising on the security of Ethereum as the base layer. Having EVM compatibility means that projects can deploy without changing the code in their contracts.
Many leading DeFi protocols are already building on Arbitrum One, including Aave, MakerDAO, Chainlink, and Uniswap. The company has also quickly piqued investor interest.
