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Near Foundation and Eigen Labs are joining forces to improve the efficiency and reduce the cost of transactions in ethereum rollups.
Near Foundation and Eigen Labs have announced a partnership that will significantly improve the functionality and efficiency of ethereum rollups. The Near Foundation, known for developing the Near protocol, and Eigen Labs, the creators of the Eigen Layer recovery protocol, are joining forces to address some of the current challenges in the ethereum (eth) ecosystem.
The main goal of this collaboration is to reduce the cost and increase the speed of transactions on ethereum rollups. According ethereum-rollups-via-eigenlayer-301980883.html#:~:text=The%20NEAR%20Foundation%20and%20Eigen%20Labs%20teams%20are%20working%20together,cheaper%20than%20the%20current%20options” data-type=”link” data-id=”https://www.prnewswire.com/news-releases/near-foundation-and-eigen-labs-partner-to-enable-faster-cheaper-web3-transactions-for-ethereum-rollups-via-eigenlayer-301980883.html#:~:text=The%20NEAR%20Foundation%20and%20Eigen%20Labs%20teams%20are%20working%20together,cheaper%20than%20the%20current%20options” target=”_blank” rel=”noopener”>official statementsthe partnership will achieve transaction times of three to four seconds, a notable improvement over current standards.
Additionally, this initiative aims to facilitate low-latency communication between rollups, thereby reducing liquidity fragmentation between different Layer 2 solutions.
A key aspect of this partnership is the focus on improving the Near-ethereum Rainbow Bridge, a decentralized, trustless and permissionless bridge that allows users to transfer assets and data between ethereum and NEAR, by transitioning to an actively validated service.
This update promises faster transaction finality, strengthened security, and improved decentralization, thus creating a more seamless bridging experience between the Near and ethereum blockchains.
From Eigen Labs’ perspective, this collaboration is an opportunity to demonstrate the usefulness of resuming cross-transactions, highlighting its adoption not only within the ethereum ecosystem but potentially extending beyond it. The partnership also aligns with Near’s current goal of making the open web more accessible and efficient.
Eigen Layer allows for eth recovery and adjustments within the consensus layer without the need for a new blockchain.
