Venture capital firm Andreessen Horowitz (a16z) spearheaded the $ 25 million Series A investment round of Optimism, which specializes in creating tools to scale the Ethereum blockchain.
As explained in a16z, the decision to support Optimism was made as a result of “studying various approaches and teams working on the second level” of the Ethereum network. “Optimism is currently in phased launch mode and will be ready for large-scale deployment this year. We are delighted to partner with Optimism and support the Ethereum ecosystem in its explosive growth, ” a16z said in a blog post on Wednesday.
Optimism is a stand-alone project of the Plasma Group, a non-profit research organization. A year ago, the developers raised $ 3.5 million. They use the Optimistic Rollup technology to increase the scalability of Ethereum at the second level of the network, that is, outside the main blockchain. Over time, the relevance of Optimism developments has only increased – over the past months, Ethereum has been experiencing increased loads, often making it impractical to use it when concluding transactions for small amounts.
“The exclusivity of the Optimism team, careful selection of developers, major scalability benefits, years of research and testing, and full compatibility have made this choice obvious to us,” added a16z, noting Ethereum’s “extreme popularity” as a decentralized computing platform. – The Ethereum ecosystem of applications is now richer than ever before. It is supported by DeFi, NFT and many other use cases. At the same time, Ethereum has become a victim of its own success: its limited ability to support high throughput at various times causes the price of gas to rise to unacceptable levels. “
The preliminary launch of the Optimism mainnet took place in January. The project notedthat the funding received will allow them to launch self-service rollouts of contracts on the mainnet in March, when they were previously supposed to do so on the public testnet.