received a $150 million investment from Series B to Optimism. This solution allows you to transact on Ethereum at low fees. Paradigm and A16z co-led the round which saw the company reach a valuation in excess of $1.65 Billion. This is one of the most valuable L2 Ethereum expansion layers.
These scaling technologies are being considered by VCs as a key to the future success of Ethereum. Although Ethereum fees were relatively low in recent years, it was almost never this way during the bull market. L2 solutions emerged to alleviate users who don’t want to pay these exorbitant fees. Optimism, which is based on Optimistic rollsups, takes L1 (Layer 1) information and processes it in batches in the L2 to return the abbreviated data back to Ethereum.
According to company numbers, Optimism already saves its users $1 billion in gasoline fees and has more than $469 million in TVL (total worth locked) on its platform. This is the fourth-largest rollup per L2beat statistics.
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Users were informed by Optimism via a blog posting about where the funds would go. To continue delivering features, the company plans to hire additional people to augment its large staff. Optimism currently has 18 job openings in a variety of departments. These include software development jobs and finance positions.
This latest round of funding follows the company’s Series B funding round. raised $25 million, which was also led A16z. The company praised Optimism and said that it adheres to Ethereum development paradigms. This results in a very simple transition for developers, wallets and users. There are no new programming languages or code changes required.