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Offchain Labs, the primary developer of the Arbitrum layer 2 network and the ARB altcoin, has unveiled a new initiative called “Onchain Labs.” This program is set to foster the creation of innovative applications within the Arbitrum ecosystem. In partnership with the Arbitrum Foundation, the initiative is aimed at providing essential technical and marketing assistance to promising early-stage projects.
Support for Innovative Applications in Arbitrum
Onchain Labs is centered on enhancing the application layer of Arbitrum. The program will equip developers with strategic insights and support throughout the product development cycle, from initial concepts to market launch. Offchain Labs seeks to capitalize on Arbitrum’s rapid block times and developer-friendly environment offered by Stylus to bring forth creative solutions.
Which Projects Will Be Backed by Onchain Labs?
The initiative will prioritize community-oriented projects that are dedicated to fair launches. Offchain Labs has specified that it will not endorse projects that aim to exploit the ecosystem without delivering genuine value. Moreover, while innovative, projects supported under Onchain Labs can be experimental, with the first initiative expected to be announced shortly.
Offchain Labs is not resting on its laurels as it enhances Arbitrum’s functionality. Key efforts include the development of an alternative client to boost transaction throughput, alongside the integration of zero-knowledge proofs to refine user experiences on Ethereum’s Layer 2 applications. The company previously raised $120 million in a Series B funding round in 2021 and has plans to incorporate ARB coin into its treasury assets.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
