The NEAR Foundation has announced a Strategic partnership with Eigen Labs, a startup focused on building the ethereum Eigen Layer recovery protocol.
While addressing the challenges of liquidity fragmentation among Layer 2 (L2) solutions, the collaboration aims to reinvent ethereum (eth) accumulate transactions, making them “more profitable and efficient.”
Fast and affordable ethereum transactions?
in a 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=”nofollow”>joint declaration Posted on November 10, the NEAR Foundation and Eigen Labs revealed their plans to develop a “fast finalization layer” to power fast and cheap transactions for ethereum rollups, including cross-transactions.
According to the announcement, the collaboration seeks to significantly reduce transaction processing sometimes as little as 3-4 seconds, a notable improvement compared to the minutes, hours or even days it currently takes. Additionally, it aims to make transactions 4,000 times cheaper than existing options, providing a cost advantage for users.
Additionally, one of the key goals of the partnership is to establish “secure, low-latency” cross-communication, solving challenges faced by developers and founders. working with rollups.
As announced, Fast Finality Layer will maintain the “security guarantees” of ethereum while introducing additional guarantees from NEAR and EigenLayer technologies.
Both protocols believe this solution promises to improve liquidity by reducing fragmentation between Layer 2 solutions, allowing developers to make informed decisions about which sequencers they prefer. for transaction processing.
NEAR and Eigen Labs Partner for ‘Seamless Web3 Integration’
Illia Polosukhin, co-founder of NEAR Protocol, expressed her pride in partnering with Eigen Labs and emphasized that the rapid finality layer showcases NEAR’s technological strengths while making open web Easier to use. Polosukhin further stated:
NEAR Foundation is proud to partner with such a great team like Eigen Labs to offer a rapid finalization layer for eth accumulations. The rapid finality layer showcases the strengths of NEAR’s technology while making the open web more usable, which has always been NEAR’s primary goal. It will also help defragment the liquidity of ethereum rollups and, as a result, make all of Web3 more interoperable.
For his part, Sreeram Kannan, founder of Eigen Labs, shared his excitement about the partnership and highlighted the mutual benefits it brings. In his words, the collaboration will leverage the innovative technologies of NEAR and EigenLayer, allowing for faster, cheaper and easier development on the ethereum network.
The collaboration between NEAR and Eigen Labs marks an important milestone for EigenLayer, enabling rapid settlement for cross-transactions and demonstrating broader adoption of recovery across the ethereum ecosystem and beyond.
For NEAR, the partnership extends to improving the NEAR-ethereum Rainbow Bridge by transitioning it to an Actively Validated Service (AVS). This transition is expected to improve bridging capabilities between NEAR and ethereum, allowing for faster completion of transactions, greater security guarantees, and better decentralization.
The collaboration is expected to launch a testnet in the first quarter of 2024, with more details to be shared later. This partnership between the NEAR Foundation and Eigen Labs holds great promise for promoting ethereum roll-up transactions, improving liquidity, and driving broader adoption of Web3 technologies.
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