On August 31, 2021, Offchain Labs announced the official launch of the Arbitrum One mainnet and went on to state that the company has raised $ 120 million in funding. The Series B funding, led by Lightspeed Venture Partners, gives the company a valuation of $ 1.2 billion.
Arbitrum One Mainnet is now live with Offchain Labs raising $ 120 million in funding
The highly anticipated launch of the Arbitrum One mainnet was unveiled by Offchain Labs, and the startup also said the company raised $ 120 million in funding. Bitcoin.com News has written about the Arbitrum One Layer-2 scaling solution on a couple of occasions as the protocol uses optimistic rollups to aid in the scaling of Ethereum. A number of popular decentralized finance projects (defi) use Arbitrum’s gateway to provide users with better fee rates and faster action.
Arbitrum’s technology is used by Defi projects such as Aave, Balancer, Band Protocol, Coinbase Wallet, Chainlink, Curve, DAI Stablecoins, Etherscan, Dodo, Metamask, Shapeshift, Sushiswap, Uniswap and many more. In addition to its launch, Offchain Labs announced that the startup has raised $ 120 million in funding led by Lightspeed Venture Partners. Other Offchain Labs investors included TV host and billionaire Shark Tank, Mark Cuban, Polychain Capital, Ribbit Capital, Redpoint Ventures, Pantera Capital, and Alameda Research.
Over 400 projects use Arbitrum’s technology, Synfutures implements Arbitrum
Bitcoin.com News also reported on how popular online forum website Reddit is using Arbitrum’s technology with their Ethereum-based community points system. “[Offchain Labs’] The commitment to the Ethereum developer community is second to none and they have the best and easiest to use scalability product. That’s why over 400 projects have chosen to start with Arbitrum, including Reddit, ”said Amy Wu, partner at Lightspeed, in a statement.
In addition, several other projects have added Arbitrum One support to help ensure the mainnet launch. The decentralized futures exchange Synfutures announced on Wednesday that the project was “now deployed on Arbitrum One”. “As we support the multitude of investors entering the decentralized derivatives space, we want to be where they are. In a short period of time, Arbitrum has established itself as one of the most promising chains in the industry, so the integration was a natural fit for us, ”said Rachel Lin, founder and CEO of Synfutures.
What do you think of the launch of Arbitrum One-Mainnet and Offchain Labs that raised $ 120 million? Let us know what you think on this matter in the comments below.
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 Start, Metamask, Offchain Labs, Optimistic Rollups, Rachel Lin , Scaling, Series B, Shapeshift, Sushiswap, Synfutures, Uniswap
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