Monday, February 6, 2023
HomeAltcoinOffchain Labs Developer of Arbitrum Acquires Prysmatic Labs

Offchain Labs Developer of Arbitrum Acquires Prysmatic Labs

Offchain Labs Developer of Arbitrum Acquires Prysmatic Labs
  • For validating Ethereum transactions, Prysm is used by 41.5% of all node validators.
  • Arbitrum is now the most popular rollup solution on Ethereum.

On Wednesday, Offchain Labs, developer of Arbitrum announced that it has acquired Prysmatic Labs. The latter is one of the major software development teams responsible for maintaining, updating, and improving the Ethereum network. 

This is a huge step forward for Arbitrum, one of several “rollup solutions” developed on Ethereum. By combining several Ethereum transactions into a single unit before submitting it to the mainnet. Rollups circumvent the sluggish pace and variable, frequently excessive gas prices of the Ethereum mainnet.

Extensive Reach Achieved

In terms of the total value locked, Arbitrum is now the most popular rollup solution on Ethereum. Moreover, DefiLlama reports that there is a total of $965 million in circulation among its 123 protocols at the moment. By purchasing Prysmatic Labs, one of the primary teams responsible for advancing the Ethereum mainnet. The developers of Arbitrum have further emphasized the importance of the scaler within the Ethereum community.

Ed Felten, co-founder of Arbitrum developer Offchain Labs stated:

“We believe that Arbitrum at layer 2 and Ethereum at layer 1 will grow and succeed together. Joining up with the Prysmatic team connects us even more closely to some of the most exciting and important research happening in the Ethereum community.”

Since the network’s historic integration last month. Ethereum has been powered by the proof of stake consensus method. Moreover, its transactions have been validated by node validators using the Prysm consensus client software developed by Prysmatic Labs. Clientdiversity.org reports that Prysm is the most widely used software for validating Ethereum transactions, used by 41.5% of all node validators.

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