Offchain Labs, the parent company of second-layer Ethereum (ETH) blockchain solution Arbitrum, has acquired Prysmatic Labs, the development group behind Prysm, the most popular client for Ethereum nodes. . According to the press release, the 2 entities will now work together for the future of the second largest blockchain in the ecosystem.
Offchain Labs acquires Prysmatic Labs
Offchain Labsthe company working on the development of Arbitrum, the main second layer solution (layer 2) for the Ethereum (ETH) blockchain, acquired Prysmatic Labsthe team that created and implemented The Merge Update.
A layer 2 is an overlay of a blockchain set up in order to develop network scalability and optimize transaction speed as well as their cost. These overlying networks are meeting with some success, like Polygon (MATIC), Arbitrum or Optimism (OP). To learn more, you can read our detailed explanation of what layer 2 are.
This acquisition marks an important step for Arbitrum, the most important layer 2 on Ethereum in terms of total value locked (TVL), far ahead of its main competitor Optimism. Indeed, Prysmatic Labs is at the origin of Prysm, the most used software to run Ethereum nodes under Proof of Stake (PoS).
Since its inception in 2018, Offchain Labs has raised over $120 million and now employs around 60 people including employees coming from Prysmatic Labs. According to the press release, this acquisition will allow “ combine the data availability of Ethereum with the execution and scalability of layer 2 “.
? Discover our article to know everything about Ethereum Merge
The exchange that has the wind in its sails⭐
5% off your fees with this button
Towards the common development of Ethereum
Note that despite this acquisition, the 2 respective teams should continue to work on the same projects as beforeand that it’s more about bringing together talented developers to working towards the common good of Ethereum.
Indeed, with the Merge update now fully operational, the Ethereum roadmap has a lot to do with second layer solutions, especially with his long-awaited Danksharding which should drastically improve the speed of transaction processing on its own network, but also on layer 2.
According Raul Jordansoftware engineer at Prysmatic Labs, the work of his team will remain focused on the technology of Optimistic Rollups:
“Many of the elements to come [d’Ethereum] are very focused on major improvements for layer 2, which coincides with our work at Offchain Labs. Ethereum is following a rollup-centric roadmap, and much of the work ahead will be to make this possible. On top of that, we have a lot of great ideas on the L2 front that we are looking forward to exploring at Offchain. »
According to the press release, the bulk of the work of the Prysmatic team is currently focused on the development of the EIP-4844otherwise known as proto-danksharding, which will bring the blobs system to Ethereum to reduce network transaction fees.
? What will the future of Ethereum (ETH) look like after The Merge?
Join Experts and a Premium Community
PRO
Invest in your crypto knowledge for the next bullrun
Source: Offchain Labs
Newsletter ?
Receive a summary of crypto news every Monday by email ?
What you need to know about affiliate links. This page presents assets, products or services relating to investments. Some links in this article are affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus by using our links.
Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
413 items