Offchain Labs Acquires Prysmatic Labs to Ensure a Sustainable Future for the Ethereum Ecosystem

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Oct 12, 2022, 11:29 ET

NEW YORK, Oct. 12, 2022 /PRNewswire/ -- Offchain Labs, the developer of Arbitrum One, the market-leading Layer 2 (L2) secure scaling solution for decentralized application (dApp) development on the Ethereum blockchain, today announced the acquisition of Prysmatic Labs, one of the leading software teams behind Ethereum proof-of-stake, which was recently implemented into the Ethereum network during The Merge.

The Prysmatic Labs team is comprised of top-tier developers with a deep understanding of blockchain technology and a strong alignment with Ethereum's core values. Currently, over 43% of node runners choose Prysm, a Prysmatic Labs software, as their preferred Ethereum proof-of-stake client. Through Prysm, most cryptocurrency GPU mining has become obsolete and Ethereum has become a fully green technology. The Prysmatic Labs team is deeply involved in the Research and Development direction of Ethereum, working closely with other teams to develop specifications and build the future of the protocol. After the recent Ethereum Merge, Prysm became the most popular software used to run Ethereum's consensus.

With Arbitrum One being the most popular and technically advanced Ethereum L2 blockchain available, this acquisition is the latest step for the Offchain Labs team in its mission to develop the most sustainable Web 3 ecosystem. Offchain Labs and Prysmatic Labs share a passion for developing cutting-edge technology and are duly committed to scaling the Ethereum network.

Steven Goldfeder, CEO of Offchain Labs, commented on the news: "Prysmatic Labs possesses an incredibly talented team of engineers, and their dedication to the Ethereum community shows via their best-in-class product that is used broadly in the Ethereum ecosystem. We are looking forward to the integration of the Prysmatic Labs team as we work together to scale Ethereum."

The Prysmatic Labs team will continue working to ensure the Prysm client remains the industry-standard, now under the Offchain Labs umbrella, while Offchain Labs will continue to scale Ethereum with Arbitrum One, as well as their new AnyTrust offering for gaming and social dApps, Arbitrum Nova.

"Our mission from day one was to scale Ethereum and make it an impactful technology for the world. Merging with Offchain Labs made perfect sense to us as an Ethereum team because we develop software extensively in Go, are fully incentive-aligned with the success of Ethereum, and are focused on shipping quality software for others to use. We have been inspired by Arbitrum's organic growth and the versatility of the Offchain team to adapt to technology that is both practical and innovative. Both companies truly love the work we produce, and are extra motivated to build a unified team stronger than the sum of its parts," commented Raul Jordan, Co-Founder of Prysmatic Labs.

The financial terms of the deal have not been disclosed.

About Offchain Labs

Offchain Labs is a venture-backed and Princeton-founded company that is developing Arbitrum, a suite of scaling technologies for Ethereum. Arbitrum is the leading scaling provider for Ethereum and has two live chains -- Arbitrum One, the scaling solution of choice for DeFi and NFTs and Arbitrum Nova, the newly announced gaming and social platform. Arbitrum's technology instantly scales apps, reducing costs and increasing capacity, without sacrificing Ethereum's security. Porting contracts to Arbitrum requires no code changes or downloads as Arbitrum is fully compatible with most existing Ethereum developer tooling. Hundreds of teams have already chosen to build in the Arbitrum ecosystem.

SOURCE Offchain Labs