The fast finality layer will solve communication and latency issues for L2 constructors while also improving usability and security.
Lisbon, Portugal, November 10, 2023 /PRNewswire/ — NEARCON: The NEAR Foundation and Eigen Labs today announced a collaboration to create a rapid finality solution that will soon enable faster, lower-cost transactions for Ethereum rollups, including cross-rollup transactions – a first of its kind in Web3.
The NEAR Foundation and Eigen Labs teams are working together to create the first-ever “rapid finality layer” for Ethereum rollups, which allows transactions to be processed in 3-4 seconds – rather than minutes, hours or even days – and 4000 times cheaper than current options. This will also enable secure, low-latency cross-communication and solve one of the biggest challenges for founders and developers using rollups today.
This advancement will reduce liquidity fragmentation between Layer 2s through increased efficiency while allowing them to make individual decisions regarding which sequencers they use to process these transactions, on-chain or off-chain. The Fast Finality Layer retains all Ethereum security guarantees while adding NEAR and EigenLayer guarantees, making it an attractive option for any team building on Ethereum L2.
Illia Polosukhin, co-founder of NEAR Protocol, said: “The NEAR Foundation is proud to partner with such an excellent team as Eigen Labs to deliver a rapid finality layer for ETH stacks. The rapid finality layer highlights the strengths of NEAR’s technology while making the open web more usable, which has always been NEAR’s primary goal. This will also help defragment the liquidity of Ethereum rollups and thus make the whole of Web3 more interoperable.
Sreeram Kannan, Founder of Eigen Labs, said: “We are excited to partner with the highly innovative team behind the NEAR protocol. This is a mutually beneficial partnership that will leverage technologies from NEAR and EigenLayer to make it easier, faster and cheaper for users. developers to rely on Ethereum.
For EigenLayer, this collaboration will enable rapid settlement of cross-transactions and highlight the adoption of retaking in the Ethereum ecosystem and beyond. For NEAR, the collaboration will also extend to the transition of the NEAR-Ethereum Rainbow Bridge to an Actively Validated Service (AVS). This will create a better transition experience between NEAR and Ethereum. Transactions will reach finality faster, with stronger security guarantees and decentralization.
Bowen WangDirector of Protocol at Pagoda, the NEAR ecosystem team building the Rapid Finality Layer, said: “Pagoda is proud to work with Eigen Labs, a world-class team, to co-build the Rapid Finality Layer. This solution improves composability with Ethereum L2. and reduces liquidity fragmentation within the rollup ecosystem.
A testnet is expected to launch in the first quarter of 2024, and more details will be shared at that time. For the latest news from NEAR Foundation or EigenLayer, please visit our websites, follow us on social media or join our communities:
NEAR Foundation website: https://near.foundation/
NEAR Foundation X/Twitter: @nearprotocol
Telegram from the NEAR Foundation: @cryptonear
EigenLayer website: https://www.eigenlayer.xyz/
Clean diaper
EigenLayer Telegram: @eigenlayer
About the NEAR Foundation
The NEAR Foundation is a SwissNonprofit foundation whose mission is to enable community innovation to benefit people around the world. One of its main areas of focus is the NEAR ecosystem, which includes a fully operational blockchain-based decentralized platform for building decentralized applications.
NF fulfills its mission, primarily through the allocation of support and resources to other nodes in the nearby ecosystem, rather than through direct intervention or operations.
The ultimate goal of NF is to minimize its own scope and footprint by continuing to divide ecosystem functions and resources; and support the development of decentralized infrastructure necessary for the autonomous functioning of these ecosystem functions. For more information, visit websitefollow us on social networks or join our communities:
NEAR Foundation X/Twitter: @nearprotocol
Telegram from the NEAR Foundation: @cryptonear
About Eigen Laboratories
CleanDiaper provides developers with access to the Ethereum staking capital base and set of decentralized validators. Access to this network of trust can make possible the design of previously impossible mechanisms.
Media contacts:
Georgia Hanias
NEAR Foundation
presse@near.foundation
+44 (0)7812211403
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