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 “more cost effective and environment friendly.”

Speedy And Inexpensive 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 fast and cheap transactions for Ethereum rollups, together with cross-rollup transactions.

Per the announcement, the collaboration seeks to considerably cut back transaction processing instances 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 instances cheaper than current choices, offering a price benefit for customers.

Moreover, one of many partnership’s key aims 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 resolution guarantees to boost liquidity by lowering fragmentation between Layer-2 options, empowering builders to make knowledgeable choices 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 Web extra user-friendly. Polosukhin additional acknowledged:

NEAR Basis is proud to accomplice with such a wonderful staff as Eigen Labs to supply a quick finality layer for ETH rollups. The quick finality layer showcases the strengths of NEAR’s know-how whereas making the Open Net extra usable, which has at all times been the core purpose for NEAR. It should additionally assist defragment liquidity for Ethereum rollups and make all of Web3 extra interoperable consequently.

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 revolutionary applied sciences of each NEAR and EigenLayer, enabling quicker, cheaper, and simpler improvement 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 predicted to boost bridging capabilities between NEAR and Ethereum, enabling quicker transaction finality, elevated safety ensures, and improved decentralization.

The collaboration is predicted to launch a testnet in Q1 2024, and additional particulars will likely 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.