Ethereum smart contract scaling solutions developer Offchain Labs announced that it will acquire Prysmatic Labs, one of the core engineering teams that designed Merge and built Prysm.
Per the announcement, Prysmatic Labs chose to join Offchain Lab due to the two companies’ alignment on core beliefs and shared commitment to scaling Ethereum. The move aligns with the team’s vision of a “sustainable future for Ethereum” by enabling more communication for development at both layer 1 and layer 2.
The L1 team joins the best L2 team
Post-acquisition, the Prysmatic team will continue to maintain the Prysm client, which powers Ethereum’s proof-of-stake consensus and is a favorite among node brokers.
Prysmatic Labs co-founder Raul Jordan said the merger with Offchain Labs “made a lot of sense” and believes the acquisition will help build a “unified team stronger than the sum of its parts.” He went on to add,
“We have been inspired by the organic growth of Arbitrum and the versatility of the Offchain team to adapt to practical and innovative technology. Both companies truly love the work we produce and are more motivated to build a unified team that is stronger than the sum of its parts.”
Even though the Prysmatic Labs team has officially joined Offchain Labs, development initiatives, such as leading the effort to bring EIP-4844 data sharding into production, will continue unabated. The two teams also plan to collaborate on several other programs to accelerate the development of L1 and L2.
Acquisition talks first began in 2021 but have gained ground in recent months. The new addition of 11 Prysmatic Labs members would bring the Offchain Labs team to approximately 60 employees.
The development follows comments from Ethereum founder Vitalik Buterin highlighting the need to improve network scalability.
The deal marks a key development for the cumulative solution, Arbitrum, built on top of the Ethereum network. Despite the bear market and stalling activity on Ethereum post-merger, Offchain’s layer 2 scaling solution has maintained its position on the winning side. As such, the transaction count on Arbitrum increased by nearly 55% from the August to September period.
According to DeFiLlama, more than $950 billion flows through its protocols, with a market share of 51.41%.
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This post Arbitrum Developer Acquires Ethereum Consensus Client Prysmatic Labs
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