OKX Ventures Invests in Orbiter Finance's Decentralized Layer 2 Protocol
Jessie A Ellis Jan 25, 2024 02:30
OKX Ventures invests in Orbiter Finance, a decentralized cross-Layer 2 protocol on Ethereum, aiming to redefine blockchain infrastructure and enhance decentralization.
OKX Ventures, the investment arm of the prominent crypto exchange and Web3 technology company OKX, has recently announced a strategic investment in Orbiter Finance, a decentralized cross-Layer 2 (L2) protocol. This marks a significant step in the evolution of blockchain infrastructure and decentralization efforts.
Orbiter Finance, known for its transformative product enhancements, is currently developing a zero-knowledge (ZK) technology-based, omni-chain rollup on Ethereum. This initiative is expected to redefine Orbiter Finance's vision, elevating it beyond its original role as an asset cross-rollup bridge. In the past two years, Orbiter Finance has impressively processed over 12 million transactions, with a total transaction volume exceeding US$7.8 billion. The protocol has garnered a substantial user base of over three million and a community of more than 700,000 users and fans.
In 2024, Orbiter Finance is set to bring considerable changes to the blockchain space, establishing itself as a ZK-tech-based, instant omni-chain rollup on Ethereum. A notable feature of the protocol is the integration of ZK Simplified Payment Verification (SPV) to authenticate L2 transactions on the mainnet and to address fraudulent re-layers via the Ethereum Virtual Machine (EVM). This development introduces a secure, efficient, low-cost, and quick communication mechanism for Ethereum. The fund security provided by ZK-SPV enables Orbiter Finance to extend complete access to the 'Maker' role, thereby achieving a critical milestone in blockchain infrastructure—decentralization.
Dora Yue, the Founder of OKX Ventures, expressed excitement about leading the strategic investment in Orbiter Finance. She highlighted the protocol's ability to overcome traditional bridge limitations, such as speed, and its role in enhancing the efficiency of cross-chaining between various L2s and the Ethereum mainnet. Orbiter Finance currently supports over 19 L2 rollups and numerous native Ethereum assets, positioning it as a crucial infrastructure component for the L2 ecosystem. Yue commended the team's continuous product upgrades and their commitment to ensuring a more decentralized and trustless support for the L2 ecosystem's growth in 2024.
OKX Ventures, with an initial capital commitment of USD 100 million, focuses on exploring the best blockchain projects globally, supporting cutting-edge blockchain technology innovation, and investing in long-term structural value. Through its support for entrepreneurs contributing to the blockchain industry, OKX Ventures aims to build innovative companies and provide global resources and historical experience to blockchain projects.
Image source: Shutterstock