{"id":1295998,"date":"2023-11-10T22:00:41","date_gmt":"2023-11-10T22:00:41","guid":{"rendered":"https:\/\/www.businesstelegraph.co.uk\/near-foundation-and-eigen-labs-team-up-to-improve-web3-transactions-on-ethereum-rollups\/"},"modified":"2023-11-10T22:00:41","modified_gmt":"2023-11-10T22:00:41","slug":"near-foundation-and-eigen-labs-team-up-to-improve-web3-transactions-on-ethereum-rollups","status":"publish","type":"post","link":"https:\/\/www.businesstelegraph.co.uk\/near-foundation-and-eigen-labs-team-up-to-improve-web3-transactions-on-ethereum-rollups\/","title":{"rendered":"NEAR Foundation And Eigen Labs Team Up To Improve Web3 Transactions On Ethereum Rollups"},"content":{"rendered":"<p> <script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\r\n<!-- newscabal uk text -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:inline-block;width:728px;height:90px\"\r\n     data-ad-client=\"ca-pub-8162386273903324\"\r\n     data-ad-slot=\"3688094655\"><\/ins>\r\n<script>\r\n(adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div>\n<p><span style=\"font-weight: 400\">The NEAR Foundation has announced a <\/span><a href=\"https:\/\/www.newsbtc.com\/analysis\/matic-analysis\/polygon-labs-and-near-foundation-partner-for-zkwasm-l2-prover-integration\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">strategic partnership<\/span><\/a><span style=\"font-weight: 400\"> with Eigen Labs, a startup focused on building the Ethereum restaking protocol Eigen Layer.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">While addressing the challenges of liquidity fragmentation between Layer 2 (L2) solutions, the collaboration aims to reinvent <\/span><a href=\"https:\/\/www.newsbtc.com\/ethereum-news\/ethereum-eth-founders-fraud\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">Ethereum <\/span><\/a><span style=\"font-weight: 400\">(ETH) roll-up transactions, making them \u201cmore cost-effective and efficient.\u201d<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Rapid And Affordable Ethereum Transactions?\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400\">In a <\/span><a href=\"https:\/\/www.prnewswire.com\/news-releases\/near-foundation-and-eigen-labs-partner-to-enable-faster-cheaper-web3-transactions-for-ethereum-rollups-via-eigenlayer-301980883.html#:~:text=The%20NEAR%20Foundation%20and%20Eigen%20Labs%20teams%20are%20working%20together,cheaper%20than%20the%20current%20options\" target=\"_blank\" rel=\"nofollow noopener\"><span style=\"font-weight: 400\">joint statement<\/span><\/a><span style=\"font-weight: 400\"> released on November 10, the NEAR Foundation and Eigen Labs unveiled their plans to develop a \u201cfast finality layer\u201d to power rapid and inexpensive transactions for Ethereum rollups, including cross-rollup transactions.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Per the announcement, the collaboration seeks to significantly reduce<\/span><a href=\"https:\/\/www.newsbtc.com\/news\/ethereum\/ethereum-failed-transactions\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\"> transaction processing<\/span><\/a><span style=\"font-weight: 400\"> times to a mere 3-4 seconds, a notable improvement compared to the minutes, hours, or even days it currently takes. Moreover, it aims to make transactions 4000 times cheaper than existing options, providing a cost advantage for users.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Furthermore, one of the partnership\u2019s key objectives is to establish \u201csecure and low-latency\u201d cross-rollup communication, resolving the challenges faced by developers and founders<\/span><a href=\"https:\/\/www.newsbtc.com\/news\/can-chainlink-reach-20-with-rollup-finance-partnership\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\"> working with rollups<\/span><\/a><span style=\"font-weight: 400\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">As announced, the Fast Finality Layer will maintain the \u201csecurity guarantees\u201d of Ethereum while introducing additional guarantees from the NEAR and EigenLayer technologies.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Both protocols believe this solution promises to enhance liquidity by reducing fragmentation between Layer-2 solutions, empowering developers to make informed decisions regarding the sequencers they prefer <\/span><span style=\"font-weight: 400\">for transaction processing.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">NEAR And Eigen Labs Partnership For \u2018Seamless Web3 Integration\u2019<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Illia Polosukhin, co-founder of NEAR Protocol, expressed pride in partnering with Eigen Labs, emphasizing that the fast finality layer showcases the technological strengths of NEAR while making the<\/span><a href=\"https:\/\/www.newsbtc.com\/altcoin\/sui-continues-rally-as-sui-8192-web3-game-fuels-blockchain-activity-to-hit-new-peak\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\"> Open Web <\/span><\/a><span style=\"font-weight: 400\">more user-friendly. Polosukhin further stated:<\/span><\/p>\n<blockquote>\n<p><span style=\"font-weight: 400\">NEAR Foundation is proud to partner with such an excellent team as Eigen Labs to offer a fast finality layer for ETH rollups. The fast finality layer showcases the strengths of NEAR\u2019s technology while making the Open Web more usable, which has always been the core goal for NEAR. It will also help defragment liquidity for Ethereum rollups and make all of Web3 more interoperable as a result.<\/span><\/p>\n<\/blockquote>\n<p><span style=\"font-weight: 400\">For his part, Sreeram Kannan, founder of Eigen Labs, shared his enthusiasm for the partnership and highlighted the mutual benefits it brings. In his words, the collaboration will leverage the innovative technologies of both NEAR and EigenLayer, enabling faster, cheaper, and easier development on the Ethereum network.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The collaboration between NEAR and Eigen Labs marks a significant milestone for EigenLayer, as it enables fast settlement for cross-rollup transactions and demonstrates wider adoption of restaking across the Ethereum ecosystem and beyond.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">For NEAR, the partnership extends to enhancing the NEAR-Ethereum Rainbow Bridge by transitioning it to an actively validated service (AVS). This transition is expected to enhance bridging capabilities between NEAR and Ethereum, enabling faster transaction finality, increased security guarantees, and improved decentralization.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The collaboration is expected to launch a testnet in Q1 2024, and further details will be shared then. This partnership between the NEAR Foundation and Eigen Labs holds great promise for advancing Ethereum rollup transactions, improving liquidity, and driving the broader adoption of Web3 technologies.<\/span><\/p>\n<figure style=\"width: 1815px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"size-large\" src=\"https:\/\/www.businesstelegraph.co.uk\/wp-content\/uploads\/2023\/11\/NEAR-Foundation-And-Eigen-Labs-Team-Up-To-Improve-Web3\" alt=\"NEAR\" width=\"1815\" height=\"858\" loading=\"lazy\"\/><figcaption class=\"wp-caption-text\">NEAR\u2019s token 5% spike on the daily chart in the past 24 hours. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/imgb0rW1\/\" target=\"_blank\" rel=\"noopener\">NEARUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">Featured image from Shutterstock, chart from TradingView.com\u00a0<\/span><\/p>\n<\/p><\/div>\n<p><script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block; text-align:center;\"\r\n     data-ad-layout=\"in-article\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-client=\"ca-pub-8162386273903324\"\r\n     data-ad-slot=\"7859258044\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><a href=\"https:\/\/www.newsbtc.com\/analysis\/near\/near-foundation-and-eigen-labs-team-up-to-improve-web3-transactions-on-ethereum-rollups\/\">READ SOURCE<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The NEAR Foundation has announced a strategic partnership with Eigen Labs, a startup focused on building the Ethereum restaking protocol Eigen Layer.\u00a0 While addressing the challenges of liquidity fragmentation between Layer 2 (L2) solutions, the collaboration aims to reinvent Ethereum (ETH) roll-up transactions, making them \u201cmore cost-effective and efficient.\u201d Rapid And Affordable Ethereum Transactions?\u00a0 In [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1295999,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_oct_exclude_from_cache":false,"footnotes":""},"categories":[5],"tags":[],"class_list":["post-1295998","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency-market"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.9 - 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