Launch of Arbitum Mainnet
Arbitrum One, better known as the mainnet of Off-chain Labs and the creator of Ethereum scaling tool Arbitrum, has gone live. A $120 million Series B investment round was also completed for the development.
The community now can engage with decentralized apps on Arbitrum, thanks to the mainnet release. Up to this point, only devs could utilize Arbitrum to deploy and evaluate their applications. After the latest development, even their users can do what was formerly reserved for developers, according to Goldfeder. Arbitrum is a Layer 2 scaling solution that claims to be able to manage significantly more operations at a cheaper rate than Ethereum. It handles payments on a sidechain that employs optimistic rollups technology, then resolves those in groups on the Ethereum mainchain on a regular basis. On layer 2, optimistic rollups run parallel to the primary Ethereum chain. Since they don’t execute any calculation by design, they can increase scalability. However, they suggest the new status to Mainnet immediately after an action, or “notarize” the transfer of funds.
The Ethereum-based community points mechanism has led to Reddit’s incorporation of Arbitrum’s newest technology. Off-chain Labs is dedicated to the Ethereum tech community and has the greatest, most user-friendly scalability solution. It explains why over 400 projects, particularly Reddit, have decided to set up with Arbitrum. To coincide with the mainnet release, a few more organizations added Arbitrum One compatibility. Arbitrum has managed to solidify its position as among the chains with the most potential in the industry.