One of the main development teams behind the Ethereum Fusion, Prysmatic Labs, has been acquired by Offchain Labs, the developer of Ethereum’s Layer 2 network, Arbitrum.
Announced in an Oct. 13 blog post by Offchain Labs, the financial terms of the deal were not disclosed, but it was noted that Prysmatic Labs chose to join Offchain Labs “for many reasons,” but primarily because of the two companies’ alignment on their core beliefs.
Prysmatic Labs co-founder Raul Jordan said that the move “will build a unified team stronger than the sum of its parts.”
“Merging with Offchain Labs made perfect sense to us as the Ethereum team because we develop software extensively on Go, are fully aligned with the incentives for Ethereum’s success, and are focused on shipping quality software for others to use,” Jordan said.
Offchain Labs claims that the future of Ethereum is based on layer 1 for consensus and data availability and layer 2 for execution and scalability, and its acquisition of Prysmatic Labs is a step towards combining experts in these two areas.
Despite the Prysmatic Labs team officially joining Offchain Labs, their “work will continue without interruption”, and their work on Ethereum node client software will continue to be developed under the Offchain umbrella.
They continue to develop Prysm as a fully open and neutral consensus client, and bringing the EIP-4844 data storage into production.
The article ends by announcing possible future collaborations between the two teams.
“There are several other joint initiatives that we plan to work on together, furthering the development of L1 and L2.”
Prysmatic Labs is one of the main engineering teams behind the merger and built Prysm, the leading Ethereum consensus client that now powers Ethereum’s proof-of-stake consensus.
Offchain Labs is a Princeton-based, venture-backed company developing Arbitrum, a suite of scaling technologies for Ethereumwhich has two online chains: Arbitrum One and Arbitrum Nova.
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