Composable Finance is Collaborating with Arbitrum for Seamless Cross-Layer Transfers
Composable Finance is pleased to announce it is working with Arbitrum by Offchain Labs, one of the largest players in the Ethereum layer 2 (L2) space. This collaboration is an important step in the direction of a cross-layer capable DeFi ecosystem; through this partnership, we are allowing the many protocols leveraging Arbitrum’s L2 scaling solution to capitalize upon our cross-layer infrastructure. Specifically, this partnership will facilitate seamless transitions between ecosystems being created on L2, and working with Arbitrum broadens this vision.
What the Collaboration Entails:
Composable will be integrating Arbitrum into our L2 — L2 Bridge solution. In short, this bridge enables the fast, smooth, and low-cost movement between various L2 solutions which can presently be an incredibly slow process. By working together with Arbitrum to integrate their L2 rollup offering into Composable’s infrastructure, we can optimize movement between their solution and other L2s. This means users can maximize their capital efficiency across valuable opportunities in the field, as they can more freely and seamlessly perform cross-layer digital asset transfers to and from Arbitrum.
As a further part of this integration, we are already deployed onto the Arbitrum mainnet. This allows us to optimally integrate with their network and the protocols that utilize it.
Why We’re Working With Arbitrum:
Arbitrum is a predominant L2 rollup solution that guarantees correctness and supports use of L1 assets and their transfer onto its platform without the need for external platforms. We are really excited about how the Arbitrum ecosystem is growing and are eager to be a contributor to advanced interoperability in this space. At the time of its launch, Arbitrum reported that over 250 projects had asked to participate in its developer mainnet. These projects included major names in DeFi such as SushiSwap, C.R.E.A.M Finance, and Uniswap (ranked 9th, 21st, and 6th in terms of most total value locked in the DeFi industry, respectively). With such significant protocols launching on Arbitrum, it is reasonable to expect the bulk of other dApps will follow suit and aim to join this platform. Thus, we hope to be an important driver in the interoperability of this important offering with various other offerings on different layer 2s.
Overall, this collaboration represents a crucial step towards Composable’s core objective of providing the core infrastructure for streamlining the Ethereum L2 space. Composable looks forward to reporting further upon this and other collaborations with important L2 projects. We are incredibly excited to be working with important players in the industry to ultimately deliver an improved experience for DeFi users, developers, and protocols.
More About Arbitrum:
Arbitrum is a scaling solution for Ethereum that drastically reduces costs and latency. A so-called “Optimistic Rollup”, Arbitrum instantly scales apps, reducing costs and increasing capacity, without sacrificing Ethereum’s security. Porting contracts to Arbitrum requires no code changes or downloads as Arbitrum is fully compatible with all existing Ethereum developer tooling. Arbitrum has launched Arbitrum One on Ethereum mainnet and is open for developers, and the team is already working with hundreds of teams ahead of its upcoming release to the public.
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