Analysis

NEAR Foundation And Eigen Labs Team Up To Improve Web3 Transactions On Ethereum Rollups

The NEAR Basis has introduced a strategic partnership with Eigen Labs, a startup targeted on constructing the Ethereum restaking protocol Eigen Layer. 

Whereas addressing the challenges of liquidity fragmentation between Layer 2 (L2) options, the collaboration goals to reinvent Ethereum (ETH) roll-up transactions, making them “cheaper and environment friendly.”

Speedy And Reasonably priced Ethereum Transactions? 

In a joint statement launched on November 10, the NEAR Basis and Eigen Labs unveiled their plans to develop a “quick finality layer” to energy speedy and cheap transactions for Ethereum rollups, together with cross-rollup transactions. 

Per the announcement, the collaboration seeks to considerably cut back transaction processing occasions to a mere 3-4 seconds, a notable enchancment in comparison with the minutes, hours, and even days it at present takes. Furthermore, it goals to make transactions 4000 occasions cheaper than present choices, offering a value benefit for customers.

Moreover, one of many partnership’s key targets is to ascertain “safe and low-latency” cross-rollup communication, resolving the challenges confronted by builders and founders working with rollups

As introduced, the Quick Finality Layer will preserve the “safety ensures” of Ethereum whereas introducing extra ensures from the NEAR and EigenLayer applied sciences.

Each protocols consider this answer guarantees to reinforce liquidity by decreasing fragmentation between Layer-2 options, empowering builders to make knowledgeable selections relating to the sequencers they like for transaction processing.

NEAR And Eigen Labs Partnership For ‘Seamless Web3 Integration’

Illia Polosukhin, co-founder of NEAR Protocol, expressed pleasure in partnering with Eigen Labs, emphasizing that the quick finality layer showcases the technological strengths of NEAR whereas making the Open Internet extra user-friendly. Polosukhin additional acknowledged:

NEAR Basis is proud to companion with such a superb staff as Eigen Labs to supply a quick finality layer for ETH rollups. The quick finality layer showcases the strengths of NEAR’s expertise whereas making the Open Internet extra usable, which has all the time been the core objective for NEAR. It’ll additionally assist defragment liquidity for Ethereum rollups and make all of Web3 extra interoperable because of this.

For his half, Sreeram Kannan, founding father of Eigen Labs, shared his enthusiasm for the partnership and highlighted the mutual advantages it brings. In his phrases, the collaboration will leverage the progressive applied sciences of each NEAR and EigenLayer, enabling sooner, cheaper, and simpler growth on the Ethereum community.

The collaboration between NEAR and Eigen Labs marks a major milestone for EigenLayer, because it allows quick settlement for cross-rollup transactions and demonstrates wider adoption of restaking throughout the Ethereum ecosystem and past. 

For NEAR, the partnership extends to enhancing the NEAR-Ethereum Rainbow Bridge by transitioning it to an actively validated service (AVS). This transition is anticipated to reinforce bridging capabilities between NEAR and Ethereum, enabling sooner transaction finality, elevated safety ensures, and improved decentralization.

The collaboration is anticipated to launch a testnet in Q1 2024, and additional particulars can be shared then. This partnership between the NEAR Basis and Eigen Labs holds nice promise for advancing Ethereum rollup transactions, enhancing liquidity, and driving the broader adoption of Web3 applied sciences.

NEAR
NEAR’s token 5% spike on the every day chart prior to now 24 hours. Supply: NEARUSDT on TradingView.com

Featured picture from Shutterstock, chart from TradingView.com 

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