Simplify L3 development
Offchain Labs, which develops the L2 “Arbitrum (ARB)” of the crypto asset (virtual currency) Ethereum (ETH), announced on the 22nd that it has released a new tool for developers.
This tool is used to develop the Orbit Chain running in the Arbitrum ecosystem. Developers will be able to create Orbit chains more easily than ever before by using the tools. The first offering was a tool for launching networks for development.
Today, we’re releasing tooling that will make building your own Arbitrum Orbit chain easier than ever.
To start, we’re providing a quickstart guide & tools to help you with building your Orbit DevNet chain!
🔗 start building via docs: https://t.co/syIhWswIlD
— Offchain Labs (@OffchainLabs) June 21, 2023
connection: What is Blockchain Layer 2?
Orbit was announced by the Arbitrum Foundation in March of this year as a solution for building L3 blockchains. The name of the solution is “Arbitrum Orbit”. Developers can use Arbitrum Orbit to build a blockchain that fits their needs. Orbit chain is developed in this way.
connection: Ethereum L2 “Arbitrum” to decentralize operations to implement its own token distribution
The image above is an image of the ecosystem. From the bottom, Ethereum on L1, then Arbitrum on L2, and various Orbit chains on L3. Developers can run blockchains customized to their needs while taking advantage of L1’s Ethereum security.
Specifically, customization refers to independently determining the privacy of the blockchain, the scope of permissions, and the mechanism of governance. You can also decide in what tokens to pay for gas.
L2 such as “Arbitrum One” and “Arbitrum Nova” are blockchains managed by DAO (Decentralized Autonomous Organization). Orbit Chain, on the other hand, is different in that you can manage it yourself.
What are DAOs
Abbreviation for “Decentralized Autonomous Organization”. Unlike general companies, there is no central administrator like a manager, and operation management is performed by participating members and algorithms.
According to L2BEAT, which provides L2 data for Ethereum, the total value of virtual currency locked for operation, TVL (Total Value Locked), is about 831 billion yen ($5.8 billion) for Arbitrum One. expensive. Market share calculated from TVL is 60.19% at the time of writing this article.
The ecosystem continues to develop even now, and on the 1st of this month, Circle, which issues the stablecoin “USD Coin (USDC)”, announced that it will start supporting Arbitrum. Arbitrum explained that the official version of USDC will be available from June 8th.
connection: US Circle announces arbitrum support for stablecoin USDC
Also, on the 15th, the project team that develops the blockchain “Xai” for games announced the features and future plans of Xai. He also said that Xai will utilize Arbitrum’s technology to operate as Orbit Chain, and that he plans to launch Xai later this year and issue its own token.
connection: L3 “Xai” for games using arbitrum, to be launched in 2023, also planning to issue tokens