OKX Ventures, the investment arm of prominent crypto exchange and Web3 technology company OKX, recently announced a strategic investment in Orbiter Finance, a decentralized 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) omni-chain Ethereum aggregator. This initiative is expected to redefine the vision of Orbiter Finance, elevating it beyond its initial role as a cross-asset pooling bridge. Over the past two years, Orbiter Finance has processed an impressive over 12 million transactions, with a total transaction volume exceeding US$7.8 billion. The protocol has amassed a significant 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 significant changes to the blockchain space by establishing itself as a ZK-tech based, instant omni-chain rollup of 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 deal with fraudulent re-layers via the Ethereum Virtual Machine (EVM). This development introduces a secure, efficient, cheap and fast communication mechanism for Ethereum. The security of the fund provided by ZK-SPV allows Orbiter Finance to extend full access to the role of “Creator”, thereby achieving a critical cornerstone of 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 bridging limitations, such as speed, and its role in increasing cross-connect efficiency between different L2s and the Ethereum mainnet. Orbiter Finance currently supports over 19 L2 aggregates and numerous Ethereum proprietary assets, positioning it as a key infrastructure component for the L2 ecosystem. Yue praised the team’s continuous product upgrades and their commitment to provide more decentralized and trustless support for the growth of the L2 ecosystem in 2024.
OKX Ventures, with an initial capital commitment of US$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 for blockchain projects.
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