Last updated on May 3rd, 2024 at 08:17 pm
Avail has achieved a significant milestone in its plans to reduce transaction costs for Layer-2 and Layer-3 solutions on the Ethereum network with the launch of its testnet data attestation bridge. The company announced this new development on Friday, July 7, 2023.
The testnet bridge addresses the challenge of “data availability” faced by scaling applications on the Ethereum blockchain. The bridge is designed to accelerate the development of cost-effective layer-2 solutions called “validium.” Validiums allows developers to store transaction data on the Avail network instead of the Ethereum base layer until the testing phase is completed.
Layer-2 rollup networks like Optimism, Arbitrum, Polygon zkEVM, and zkSync Era reduce transaction fees by bundling transactions into compressed “rollups” and periodically adding them to the base layer. However, these networks often have higher transaction costs compared to their layer-1 counterparts since they must record all transactions on the base layer.
Avail’s new bridge eliminates the need for developers to create their own DAC or proof-of-stake data availability network. Instead, it enables them to swiftly and easily create customized validiums by placing their transaction data on the Avail network. When a user wishes to withdraw cryptocurrency from layer-2 back to the Ethereum base layer, the Avail bridge will provide an attestation confirming the availability of the data on Avail.
Avail initially began as a project within Polygon Labs. However, it was spun off in March 2023 to become an independent project. In June 2023, the network began phase 2 of its testnet deployment and encouraged validators to participate in the network’s activities.
Anurag Arjun, founder of Avail and co-founder of Polygon, emphasized the significance of the Data Attestation Bridge’s launch. He described the launch of Avail’s Data Attestation Bridge as a major milestone in improving the scalability and efficiency of the Ethereum blockchain. He emphasized that incorporating roll-up constructs into validiums, optimistic chains, and volition modes not only reduces costs but also establishes a foundation for a more inclusive and efficient layer-2 and layer-3 ecosystem.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
