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NEAR Foundation And Eigen Labs Partner to Promote Faster And Cheaper Web3 Transactions

Twitter icon  •  Published il y a 5 mois  •  Hassan Maishera

The Near Protocol announced via a blog post on Friday that the NEAR Foundation has partnered with EigenLabs, one of the leaders in building scaling solutions on Ethereum.

The Near Protocol announced via a blog post on Friday that the NEAR Foundation has partnered with EigenLabs, one of the leaders in building scaling solutions on Ethereum.

The partnership is designed to foster faster, cheaper transactions for Layer 2 projects building on Ethereum. The two entities will build the world’s first fast finality layer for Ethereum layer 2s and will see transaction times shrink from minutes and hours to 3-4 seconds. The cost of transacting on this new finality layer will become 4,000 times cheaper than it is currently, creating the perfect conditions for teams looking to scale on Ethereum, the NEAR Foundation added. 

NEAR Protocol is a decentralized application platform designed to make apps similarly usable to those on today’s web. The network runs on a Proof-of-Stake (PoS) consensus mechanism called Nightshade, which aims to provide dynamic scalability and stabilize fees.NEAR is trading at $1.659, up by 5% in the last 24 hours.

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.