On August 31, the mainnet of Ethereum scaling solution Arbitrum One went public. The EVM-compatible platform with optimistic rollups techniques aims to reduce the fee cost of transactions and scale Dapps.
WE KNOW YOU'VE BEEN WAITING...— Arbitrum is live on mainnet! (@arbitrum) August 31, 2021
WE'RE PROUD TO ANNOUNCE...
BRIEF YOURSELF BELOW 👇, WE'LL SEE YOU IN L2.https://t.co/fQT8EyyldL
After Arbitrum's launch, Ether’s price increased by over 8.6%.Currently, the largest altcoin trades at around $3500, which is its highest price since May 17. The team standing behind Arbitrum One is Offchain Labs, a New-York based tech firm focused on Ethereum scaling solutions.
Offchain Labs raised $120 M in a Series B funding round led by California-based global venture capital firm backing tech companies, Lightspeed Venture Partners. Among the participants were Polychain Capital, Pantera Capital, Alameda Research, and Mark Cuban. Beta launch of Arbitrum One took place in May, allowing developers to build on the platform.
Various major DeFi protocols started to use the solution. Among them are Aave, Chainlink, MAkerDAO, and Uniswap. In addition, social media network Reddit revealed plans to launch its Layer 2 rollup based on Arbitrum's technology.