Offchain Labs Announces Launch of Arbitrum Nova Chain

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Aug 09, 2022, 09:00 ET

Arbitrum Nova, built on Arbitrum AnyTrust technology, will be feature low-cost transactions and strengthened security measures

NEW YORK, Aug. 9, 2022 /PRNewswire/ -- Offchain Labs, developer of Arbitrum, the leading scaling solution for Ethereum, today announced the launch of the Arbitrum Nova ("Nova") chain for all end-users and developers. Arbitrum Nova, the second chain launched in the Arbitrum ecosystem, is designed to serve as the premier solution for Web3 gaming and social applications. When combined with Arbitrum One, which is designed for DeFi and NFT projects, Arbitrum now features two chains running live on mainnet that together offers an ideal solution for all blockchain use cases.

Arbitrum Nova is an entirely new chain built on Arbitrum's AnyTrust technology, which is optimized for ultra-low-cost transactions with strong security guarantees. Nova takes a novel technical approach with the use of a data availability committee. Rather than posting all data to the Ethereum network, the committee certifies and validates batches of transactions and only posts the certifications to Ethereum, resulting in significant cost savings for users. Compared to other low-cost blockchain solutions, Nova is built on the Arbitrum AnyTrust technology which delivers much stronger security guarantees.

"The launch of Arbitrum Nova marks a major milestone for the Arbitrum ecosystem," said Steven Goldfeder, Co-Founder and CEO, Offchain Labs. "The high scalability and ultra low-cost transaction fees of Arbitrum Nova open developers to a new world of possibilities when building on Ethereum. We look forward to continually optimizing and improving Nova to drive costs down even further."

In addition to Offchain Labs, several others are participating in the Arbitrum Nova launch including Google Cloud, Reddit, FTX, Consensys, P2P, and QuickNode by becoming inaugural members of Nova's 'Data Availability Committee'. At launch, others will be deploying to the network including Maker's DAI token as well as Sushi.

Nova is the ideal chain for projects with cost-sensitive and high transaction volume expectations, including games that frequently mint new items and currency, or social projects with different levers for on-chain interactions. Most notably, in coordination with Nova's launch, Reddit will be launching Community Points by building upon Arbitrum Nova. Nova is designed with the needs of developers in mind and allows projects to scale with ease due to lower transaction costs.

The launch comes four weeks after Arbitrum Nova was deployed onto the Arbitrum mainnet through a Fair Launch, providing developers with sufficient time to deploy their applications onto the chain.

You can find more information on Offchain Labs here.

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