What is Arbitrum?
Arbitrum is a popular scalable Layer 2 solution for the Ethereum network that uses Optimism rollups to aggregate multiple transactions into a single group before sending them to the main Ethereum network.
This greatly reduces gas fees and increases transaction speeds. It has quickly become a popular fast and affordable alternative to the main Ethereum network.
Who created Arbitrum?
The Arbitrum product, as well as the entire suite of scalable solutions, is created by New York-based firm Offchain Lab. The initiative is led by Offchain Labs co-founders Ed Felten, Steven Goldfeder, and Harry Kalodner. Ed is a professor, Steven received his Ph.D., and Harri is a Ph.D. candidate at Princeton University. All three are blockchain experts and are passionate about making cryptocurrencies more productive.
Offchain Labs, a startup specializing in blockchain technology, raised a $3.7 million seed investment in 2019. In the spring of 2021, the company led a Series A investment round and raised $20 million before launching the alpha version of its Arbitrum network.
