NEAR Foundation and Eigen Labs have joined forces to create a rapid finality solution, set to enhance the speed and reduce the cost of transactions for Ethereum rollups.
This collaboration aims to introduce a groundbreaking feature in Web3: the ability to conduct cross-rollup transactions efficiently, marking a significant advancement in the blockchain space.
The NEAR Foundation and Eigen Labs are collaborating to create a groundbreaking “fast finality layer” for Ethereum rollups. This innovation aims to process transactions in just 3-4 seconds, a significant improvement compared to the current time frames of minutes, hours, or even days. Moreover, the cost of transactions will be reduced by 4000 times, making it a much more economical choice.
This development also addresses a major challenge for founders and developers utilizing rollups by enabling secure and low-latency communication across different rollups. The fast finality layer allows for more efficient decision-making by individual teams regarding the sequencers they use, whether on-chain or off-chain.
Importantly, it maintains all the security assurances of Ethereum while incorporating additional guarantees from both NEAR and EigenLayer, making it an appealing option for any team building on Ethereum Layer 2 solutions.
A testnet is set to go live in the first quarter of 2024, and additional information will be provided around that period.