Rain of greenbacks – The new money of the rich institutional investors continues to pour into the network ecosystem in droves Ethereum (ETH). After ConsenSys and its nearly half a billion dollars funding, today is the project Optimism who receives a very large check to improve the speed of transactions on the ETH blockchain.
Paradigm, A16z: Institutionals all want their share and Ethereum
Based on the technology of Optimistic rollupsthe project Optimism main objective is to deport a maximum of transactions outside of the main network ofEthereum. With of course the benefit of to decongest the latter, and by extension, to make reduce gas costs (transaction fees).
In a publication published on March 17, the Optimism teams thus announce that they have made it possible to reduce “by more than 30%” transaction fees on the ETH network. But they also take the opportunity to reveal the success of a new fundraising of series B.
These are so $150 million which have been added to the pockets of the project. Just over a year ago, in February 2021, Optimism had already landed $25 million in a first round of investment (Series A).
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Optimism will be able to strengthen its team of developers
With this latest wave of institutional money, Optimism is now valued at $1.65 billion. These are investment funds Paradigm and Andreessen Horowitz (a16z) who led this new round of funding.
According to the announcement, this new money will be used to recruit any further of developers to build and improve this solution scalability from Ethereum:
“If you’re a pragmatic pioneer looking for a team of people who genuinely care about each other, we want to hear from you. Our remuneration is competitive and without the need for geographical location (…) Now, enough talk: consult the open positions on our board of wanted jobs. »
Clearly, institutional investors have not held it against Optimism for its recent small mess which could still have had catastrophic consequences. Indeed, at the beginning of February 2022, a critical flaw in the protocol of Optimism fortunately was detected and corrected in time (before any malicious exploitation).
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