Offchain Labs, the group behind the extremely anticipated Ethereum layer two platform, Arbitrum One, has accomplished the general public mainnet launch of its optimistic rollups resolution.

Introduced on Aug. 31, Offchain Labs additionally revealed that it has secured $120 million in a Collection B fundraising spherical. The spherical was led by Lightspeed Enterprise Companions and in addition noticed participation from heavyweight crypto buyers Polychain Capital, Pantera Capital, Alameda Analysis and Mark Cuban.

YOU MAY ALSO LIKE

Lightspeed accomplice Ravi Mhatre additionally joined Offchain Labs’ board as a part of the spherical. Amy Wu, additionally a accomplice at Lightspeed, said:

“[Offchain Labs’] dedication to the Ethereum developer group is second to none and so they have one of the best, easiest-to-use scalability product. That’s why over 400 initiatives have chosen to launch with Arbitrum, together with Reddit.”

In Might, Offchain Labs, accomplished its beta launch of Arbitrum One for builders, permitting builders to start constructing on the platform.

Many main DeFi protocols are already constructing on Arbitrum One, together with Aave, MakerDAO, Chainlink, and Uniswap. Final month, well-liked social media community Reddit additionally introduced it would launch its own layer-two rollup based mostly on Arbitrum’s know-how.

Offchain Labs are usually not alone in pushing to scale Ethereum, with rival rollups resolution Optimism onboarding developers in current weeks, whereas the full worth locked (TVL) in decentralized finance protocols on the Polygon sidechain seems to have discovered a ground at $5 billion because the current crypto downtrend.

Associated: Chainlink launches data oracles on Arbitrum One’s Ethereum scaling solution

Arbitrum One’s public launch comes as gas fees have been persistently high on the Ethereum mainnet because of the surging popularity of nonfungible tokens (NFTs).

In response to Etherscan, common fuel costs have exceeded 100 gwei over the previous week, with common token transfers costing greater than $7 whereas transactions utilizing decentralized exchanges exceed $65 on common. Against this, fuel costs have been simply 15 gwei one 12 months in the past.