A layer two solution on Ethereum has launched a new optimized chain that costs quite less to make transactions, known as Nova.
Also, they have partnered with Reddit to migrate all their community points from different sources to Ethereum.
Arbitrum, An Ethereum Layer 2 project, Has Launched Nova Chain And Links With Reddit
Per the official post, Arbitrum Nova is a completely new chain that differentiates from arbitrum 1. It is based on AnyTrust technology, which utilizes all data availability committees to validate and verify transactions.
Once the transactions are validated, it is broadcasted in batches on Ethereum Mainnet. Instead of Posting all the data on the blockchain, it would only post the validation and certifications to Ethereum, saving a huge amount of gas.
- The development team has partnered with a social media team like Reddit to onboard more users to its platform.
- Arbirtrum developers have said that the new chain is designed to cost quite less to make a transaction and would support several use cases like social projects and gain.
- The new chain launched on Arbitrum is known as Nova. It is a highly optimized chain for high transaction volumes and uses cases such as social projects and gaming.
What Is Arbitrum Nova?
A recently developed Arbitrum Nova for web3 gaming applications has teamed with social media applications for marketing. On Tuesday, Off-chain Labs made the announcement, and they alerted the media through a press release.
Arbitrum Nova was launched in July for the private community members. Meanwhile, the first optimized chain Arbitrum One is designed for several other defi use cases. Arbitrum Nova aims to become one of the premium solutions for various social media and gaming applications on Web3.
Off-chain Labs Co-founder and CEO Steven Goldfeder had commented that the launch of this chain is a major milestone of the Arbitrum technologies. With them, they would like to open up new opportunities for the Arbitrum Ecosystem Developers. He added, “ We look forward to optimizing and improving the Nova chain quite further to cut down the costs of the transactions.”
It has partnered with Reddit to move various community channels to Ethereum; this is the first initiative it took to do a major deployment on the Arbitrum Nova chain.
Arbitrum is the layer two solution that aims to scale Ethereum Transactions. It uses Optimistic Rollup technologies to enhance the process of transactions and move it to the base chain. Arbitrum launched a few months ago and has become a leading Layer 2 solution.
According to Survey by L2Beat Data, It has almost USD 2.72 Billion Total value locked.
Developers who are looking forward to building on Nova can begin. All of the information is available on their website. Defi Projects like Sushiswap have already migrated to the Arbitrum Nova chain. Soon FTX will support the Nova chain to onboard Users. The Arbitrum Nova team looks forward to making some more launches. In the past few years, Layer 2 solutions have taken over the web3 space as it offers low-cost transactions.