Arbitrum One is now live on the Ethereum mainnet and Offchain Labs plans to scale its team as the number of projects using the solution continues to increase
The Offchain Labs team also announced a successful funding round that saw it raise $120 million from new and existing investors.
As per the company's press statement, Lightspeed Venture Partners led the Series B funding round, with financing from leading investor firms in the sector such as Polychain Capital, Alameda Research, Ribbit Capital, Pantera Capital and billionaire Mark Cuban.
"We are excited to partner with our investors who understand the importance of scaling Ethereum and bringing the Ethereum ecosystem to the masses," Offchain Labs CEO and co-founder Steven Goldfeder said in a statement.
Arbitrum One is a highly anticipated Layer 2 (L2) solution designed to give Ethereum users access to low-cost transactions. The project is attracting many developers keen to cut down on gas fees as well as deploy decentralised applications (dApps) in a secure ecosystem.
With the public chain going live and its compatibility with the Ethereum Virtual Machine (EVM), the project has already attracted hundreds of developers. For this group of network users, the idea is to leverage the solution's easy-to-use features even as they avoid the need to patch up their smart contract codes.
Offchain Labs plans to use part of the financing to continue expanding its team and make the L2 project the go-to platform for fintech and decentralised finance (DeFi) projects.
The team also plans to invest in research and development, to further improve the Arbitrum platform.
Currently, there are over 400 projects already using Arbitrum One, including web content platform Reddit. Other top projects using the solution are Chainlink, Aave, Uniswap and MakerDAO.