OKX Ventures, the investment division of OKX, the second-largest cryptocurrency exchange by trade volume and a key player in Web3, has made a strategic investment in Scroll.
This investment aligns with OKX Ventures’ objective of endorsing projects that improve Ethereum’s scalability. Scroll is a fully open-source Rollup platform based on EVM that provides seamless compatibility with existing Ethereum tools and applications.
EVM and Rollups technologies allow Scroll to conduct transactions off-chain and transmit the proofs back on-chain to reduce the transaction load on the Ethereum blockchain, as they have higher throughput and reduced costs compared to the Ethereum foundation layer. Thus, they allow applications that are easier to use and more scalable for widespread adoption to be developed.
Scroll’s off-chain solutions operate separately from Ethereum’s Layer 1 mainnet and do not require any modifications to the current Ethereum protocol. Scroll achieves its objectives by performing computations off-chain and providing validation proof to the network.
This structure allows access to token transfers and specialized applications. Following a successful pre-alpha and alpha testing, already-existing Ethereum dApps and smart contracts will be able to transition to it smoothly. As Scroll undergoes further development, it will also introduce all-purpose smart contracts.
Scroll achieved impressive results during its pre-alpha testing, facilitating over 400,000 daily transactions with over 600,000 unique addresses. The platform is currently in its alpha testing phase.
OKX Ventures expects that the platform will be deployed to the mainnet within the next four months after a period of intense and committed development by the Scroll team.
OKX Ventures was established in 2021. It secured $100 million in initial funding from its parent company, OKX, to support entrepreneurs driving blockchain industry advancements by helping them build successful businesses that leverage contemporary and historical knowledge in blockchain ventures.
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