NEAR Foundation And Eigen Labs Team Up To Improve Web3 Transactions On Ethereum Rollups
November 10 2023 - 5:00PM
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The NEAR Foundation has announced a strategic partnership with
Eigen Labs, a startup focused on building the Ethereum restaking
protocol Eigen Layer. While addressing the challenges of
liquidity fragmentation between Layer 2 (L2) solutions, the
collaboration aims to reinvent Ethereum (ETH) roll-up transactions,
making them “more cost-effective and efficient.” Rapid And
Affordable Ethereum Transactions? In a joint statement
released on November 10, the NEAR Foundation and Eigen Labs
unveiled their plans to develop a “fast finality layer” to power
rapid and inexpensive transactions for Ethereum rollups, including
cross-rollup transactions. Per the announcement, the
collaboration seeks to significantly reduce transaction processing
times to a mere 3-4 seconds, a notable improvement compared to the
minutes, hours, or even days it currently takes. Moreover, it aims
to make transactions 4000 times cheaper than existing options,
providing a cost advantage for users. Related Reading: What Is
Shiba Inu: An Explainer And SHIB Price Prediction Furthermore, one
of the partnership’s key objectives is to establish “secure and
low-latency” cross-rollup communication, resolving the challenges
faced by developers and founders working with rollups. As
announced, the Fast Finality Layer will maintain the “security
guarantees” of Ethereum while introducing additional guarantees
from the NEAR and EigenLayer technologies. Both protocols believe
this solution promises to enhance liquidity by reducing
fragmentation between Layer-2 solutions, empowering developers to
make informed decisions regarding the sequencers they prefer for
transaction processing. NEAR And Eigen Labs Partnership For
‘Seamless Web3 Integration’ Illia Polosukhin, co-founder of NEAR
Protocol, expressed pride in partnering with Eigen Labs,
emphasizing that the fast finality layer showcases the
technological strengths of NEAR while making the Open Web more
user-friendly. Polosukhin further stated: NEAR Foundation is proud
to partner with such an excellent team as Eigen Labs to offer a
fast finality layer for ETH rollups. The fast finality layer
showcases the strengths of NEAR’s technology while making the Open
Web more usable, which has always been the core goal for NEAR. It
will also help defragment liquidity for Ethereum rollups and make
all of Web3 more interoperable as a result. For his part, Sreeram
Kannan, founder of Eigen Labs, shared his enthusiasm for the
partnership and highlighted the mutual benefits it brings. In his
words, the collaboration will leverage the innovative technologies
of both NEAR and EigenLayer, enabling faster, cheaper, and easier
development on the Ethereum network. Related Reading: Is A Bearish
Reversal Coming For Bitcoin? This Metric May Warn So The
collaboration between NEAR and Eigen Labs marks a significant
milestone for EigenLayer, as it enables fast settlement for
cross-rollup transactions and demonstrates wider adoption of
restaking across the Ethereum ecosystem and beyond. For NEAR,
the partnership extends to enhancing the NEAR-Ethereum Rainbow
Bridge by transitioning it to an actively validated service (AVS).
This transition is expected to enhance bridging capabilities
between NEAR and Ethereum, enabling faster transaction finality,
increased security guarantees, and improved decentralization. The
collaboration is expected to launch a testnet in Q1 2024, and
further details will be shared then. This partnership between the
NEAR Foundation and Eigen Labs holds great promise for advancing
Ethereum rollup transactions, improving liquidity, and driving the
broader adoption of Web3 technologies. Featured image from
Shutterstock, chart from TradingView.com
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