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Andreessen Horowitz leads $25M spherical for Optimism’s L2 scaling resolution

02/25/2021

andreessen-horowitz-leads-$25m-round-for-optimism’s-l2-scaling-solution

Optimism has been on a hiring spree and plans to expedite its mainnet launch after securing backing from Andreessen Horowitz.

Optimism, an organization offering Layer 2 scaling options for Ethereum, has secured backing from enterprise capital agency and Coinbase investor Andreessen Horowitz, or A16z.

Andreessen Horowitz, which manages a portfolio price roughly $16.6 billion, introduced it’s main Optimism’s $25 million Collection A funding spherical on Feb. 24.

The demand for Layer 2 scaling options has escalated amid Ethereum’s surging charges, with common transaction prices pushing as excessive as $40 on Feb. 23.

To attain decrease charges, decrease latency, and higher throughput in comparison with transacting on Ethereum’s Layer 1 fundamental web, Optimism makes use of “rollups” to bundle transactions collectively utilizing good contracts on an Ethereum side-chain earlier than broadcasting them to the mainnet.

Ethereum co-founder, Vitalik Buterin, summarized that “rollups transfer computation (and state storage) off-chain, however hold some information per transaction on-chain.”

A16z acknowledged that the expansion of Ethereum over the previous 12 months or so has been a powerful indicator of demand, noting the common capability of Ethereum blocks has stabilized close to 98% — which means the community is functionally full.

“One lesson from web historical past is that once you give builders a strong new computing platform, they create functions at such a fast fee that demand constantly outpaces provide. We consider the identical shall be true for Ethereum,”

The announcement notes that A16z spent vital time exploring totally different Layer 2 scaling options earlier than the agency selected to help Optimism.

The agency emphasised that Optimism’s philosophical and technological alignment with Ethereum was a big issue informing their determination to again the workforce, writing:

“One of the vital thrilling issues about what Optimism has constructed is that it may be seen in some ways as an extension of Ethereum — from its philosophy all the way down to its tech stack.”

Optimism is presently finishing a phased rollout and shall be prepared for large-scale manufacturing later this 12 months. The platform has been working testnets in partnership with DeFi platform Synthetix, and has began hiring to expedite public mainnet launch — which is now scheduled for March.

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