Orbiter Finance's cross-chain bridge has attracted over 3 million total users looking to swap their assets between different Layer-2 rollup networks. Plus, the protocol recently announced a strategic investment of an undisclosed sum from OKX Ventures.
Now, the protocol is planning to add its own L2 to the mix: Orbiter Rollup, a new zero-knowledge proof powered "meta-layer." (Orbiter Finance should not be confused with Orbit Chain, the similarly-named bridge protocol that was hacked earlier this month.)
Orbiter's team pitches Orbiter Rollup as preparation for an "omni-connection" future. "By simply clicking on the interface, users can transfer not only assets but also ALL data across ALL L2s," the team wrote in its announcement."
With Orbiter Rollup, the protocol hopes to become the layer through which all other L2s are accessed. "Ultimately, we believe that within the entire Layer 2 landscape, users will only need one EVM-compatible account to seamlessly explore the Ethereum ecosystem." The protocol will be competing with other ZK-powered L2 networks like Manta, zkSync, and Polygon zkEVM.
Orbiter's team has not announced plans for a token. "Orbiter Finance team's primary focus is currently directed towards product development and enhancing the user experience," its website's FAQ reads.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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January 29, 2024 at 03:39AM
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Newly OKX-backed Layer 2 bridge Orbiter Finance announces its own L2 network - The Block
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