HomeNewsArbitrum Launches Revolutionary Tool for Ethereum L2 Developers, Boosting Orbit Chain Development

Arbitrum Launches Revolutionary Tool for Ethereum L2 Developers, Boosting Orbit Chain Development

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  • Offchain Labs has released new developer tools to streamline the development of Ethereum’s L2 solution, Arbitrum.
  • The newly unveiled tools facilitate the creation of Orbit Chains within the Arbitrum ecosystem, granting developers greater freedom to construct custom blockchains.

As an authority in blockchain technology, it’s fascinating to observe the evolution of Ethereum’s Layer 2 (L2) solution, Arbitrum. Offchain Labs, the team behind its development, recently introduced new tools aimed at developers to ease the creation of Orbit Chains, an integral part of the Arbitrum ecosystem.

Arbitrum’s Orbit Chains are utilized in the development phase, offering a simplified process to developers. Initially, the provided tools serve to launch developer networks, with further resources expected to roll out in due course.

The concept of Orbit Chains was unveiled by the Arbitrum Foundation in March of this year. These chains are essentially the product of the Arbitrum Orbit solution, which aids in constructing Layer 3 (L3) blockchains. Using Arbitrum Orbit, developers can construct blockchains tailored to their specific needs.

The structure of this ecosystem is quite intriguing. It comprises Ethereum at Layer 1 (L1), followed by Arbitrum at Layer 2 (L2), and subsequently various Orbit Chains operating at Layer 3 (L3). This unique arrangement enables developers to harness the security of Ethereum’s L1 while operating custom blockchains that cater to their needs.

Customization in this context refers to establishing unique parameters for blockchain privacy, permissions, governance, and even deciding which tokens will be used for gas payments. A noteworthy difference between Orbit Chains and others like ‘Arbitrum One’ and ‘Arbitrum Nova’ is that the former can be managed independently, whereas the latter are managed by Decentralized Autonomous Organizations (DAOs).

The Arbitrum ecosystem has witnessed substantial growth, according to L2BEAT, a provider of L2 data for Ethereum. Their Total Value Locked (TVL) data indicates that Arbitrum One holds a value of approximately $5.8 billion, accounting for a 60.19% market share at the time of writing.

The ecosystem continues to expand, with the recent announcement by Circle, the issuer of the stablecoin USD Coin (USDC), that they will be initiating support for Arbitrum. Moreover, the Xai project team, creators of the gaming blockchain, announced their plans to utilize Arbitrum’s technology to operate as an Orbit Chain and launch their unique token within this year.

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AnnJoy Makena
AnnJoy Makenahttps://www.ethnews.com
Annjoy Makena is an accomplished and passionate writer who specializes in the fascinating world of cryptocurrencies. With a profound understanding of blockchain technology and its implications, she is dedicated to demystifying complex concepts and delivering valuable insights to her readers. Business Email: info@ethnews.com Phone: +49 160 92211628