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Home»BLOCKCHAIN NEWS»OKX Ventures invests in Orbiter Finance’s decentralized layer 2 protocol.
BLOCKCHAIN NEWS

OKX Ventures invests in Orbiter Finance’s decentralized layer 2 protocol.

By Crypto FlexsJanuary 25, 20242 Mins Read
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OKX Ventures invests in Orbiter Finance’s decentralized layer 2 protocol.
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OKX Ventures, the investment arm of OKX, a prominent cryptocurrency exchange and Web3 technology company, recently announced a strategic investment in Orbiter Finance, a decentralized cross-layer 2 (L2) protocol. This is an important step in the advancement of blockchain infrastructure and decentralization efforts.

Orbiter Finance, known for its innovative product improvements, is currently developing an Omnichain rollup based on Zero Knowledge (ZK) technology on Ethereum. This initiative is expected to redefine Orbiter Finance’s vision, moving beyond its original role as a cross-asset roll-up bridge. Over the past two years, Orbiter Finance has processed over 12 million transactions, with total transaction volume exceeding $7.8 billion. The protocol has garnered a significant user base of over 3 million and a community of over 700,000 users and fans.

In 2024, Orbiter Finance is set to bring significant change to the blockchain space, positioning itself as an instant omnichain roll-up based on ZK technology on Ethereum. A notable feature of the protocol is the integration of ZK Simplified Payment Verification (ZK SPV) to authenticate L2 transactions on the mainnet and address fraudulent re-tiering via the Ethereum Virtual Machine (EVM). This development introduces a secure, efficient, cheap and fast communication mechanism for Ethereum. The security of funds provided by ZK-SPV allows Orbiter Finance to extend full access to the ‘Maker’ role, achieving decentralization, an important milestone in blockchain infrastructure.

Dora Yue, founder of OKX Ventures, expressed her excitement about leading Orbiter Finance’s strategic investment. She highlighted the protocol’s ability to overcome traditional bridging limitations such as speed and its role in improving cross-connection efficiency between various L2s and the Ethereum mainnet. Orbiter Finance currently supports over 19 L2 rollups and numerous native Ethereum assets, making it a critical infrastructure component of the L2 ecosystem. Yue praised her team’s continuous product upgrades and her commitment to ensuring more decentralized and trustless support for the growth of the L2 ecosystem in 2024.

OKX Ventures has invested $100 million in seed capital, focusing on exploring the best blockchain projects around the world, supporting cutting-edge blockchain technology innovation, and investing in long-term structural value. OKX Ventures aims to build innovative companies and provide global resources and historical experience to blockchain projects through support for entrepreneurs contributing to the blockchain industry.

Image source: Shutterstock

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