This website uses cookies to ensure you get the best experience on our website
Join us on Telegram for FREE daily market updates!

Ethereum Layer-2 Solution Arbitrum Now Live on Mainnet, Raises $120 Million


Arbitrum, the Ethereum layer-2 solution, is now live on the mainnet, open to all network users.

As per an announcement of August 31, the deployment also coincided with the solution's developers, Offchain Labs, receiving $120 million in a Series B funding round led by Lightspeed Venture Partners. Following this round, Ravi Mhatre, the co-founder of the crypto fund, has joined its board. Other participants include serial investors Pantera Capital, Alameda Research, and Mark Cuban.

With this, Arbitrum is now valued at $1.2 billion—another Unicorn rising from Ethereum.

It would be redemption for Mark Cuban, who had earlier voiced his concern on Ethereum's lack of scalability leading to high trading fees. 

Vitalik Buterin, earlier on in 2020, called upon the network's developers to focus on creating Layer-2 options as a means of scaling Ethereum. This is ahead of their transition to Eth2, where Sharding would be integrated as an on-chain scaling solution. 

Even so, Sharding will be compatible with any other layer-2 options currently in Proof-of-work like Arbitrum and Optimism—currently in Alpha--, creating a multiplicative effect. 

Out of this, it is expected that Ethereum will cement its lead as a dominant smart contracting platform, trouncing competitors whose selling points revolve around scalability—and thus low trading fees.


For more interesting tips and facts visit our Education Centre.


Have Questions? 

We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!

Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.
  • Copyright Excel Innovations Ltd (CryptoAltum) 2020