Offchain Labs acquires Ethereum consensus’ key client Prysmatic Labs

Offchain Labs, a company that creates scaling solutions for Ethereum smart contracts, recently announced that it is acquiring Prysmatic Labs, one of the key engineering groups responsible for the Merge and Prysm.

Prysmatic Labs joins Offchain Labs

The release claims that Prysmatic Labs joined Offchain Labs due to the firms’ shared commitment to expanding Ethereum and alignment on basic values. By facilitating improved communication for the development on both layer 1 and layer 2, the action is in line with the team’s goal of creating a “sustainable future for Ethereum.”

The Prysm client, which powers Ethereum’s proof-of-stake consensus and is a favorite among node runners, will continue to be maintained by the Prysmatic team after the acquisition.

Raul Jordan, a co-founder of Prysmatic Labs, stated that the merger with Offchain Labs “made perfect sense” and that he thinks the purchase will aid in the formation of a “unified team larger than the sum of its parts.”

“We have been inspired by Arbitrum’s organic growth and the versatility of the Offchain team to adapt to technology that is both practical and innovative. Both companies truly love the work we produce, and are extra motivated to build a unified team stronger than the sum of its parts.”

Notably, Prysmatic Labs’ ongoing development activities, such as spearheading the charge to put EIP-4844 data-sharding into production, will go on as usual. To hasten L1 and L2 development, the two teams also want to work together on a number of other projects.

The progress comes after Vitalik Buterin, the creator of Ethereum, highlighted the need for increased network scalability in his remarks.

The agreement represents a significant advancement for the Ethereum-based roll-up solution, Arbitrum. Offchain’s layer 2 scaling solution has kept its lead in spite of the bear market and the slowdown in activity on the post-Merge Ethereum. 

Recently, NFT giant OpenSea hinted at its plans to support Arbitrum Network, as TheCoinRise reported.