Phala Network Expands Its Reach by Launching a New Layer 2 Solution on Ethereum

Coin-Turk 10 months ago 185

Phala Network, operating within the Polkadot ecosystem, has launched a new Layer 2 network on Ethereum $3,325. The Phala (PHA) network was developed in collaboration with infrastructure providers Succinct Labs and Conduit. This new rollup utilizes “OP ($0.32) Succinct” technology, which combines optimistic and zero-knowledge proofs, marking Phala’s entry into the rapidly growing Layer 2 ecosystem of Ethereum.

A New Step Towards Integration with the Ethereum Ecosystem

Though recognized as a parachain on Polkadot, Phala Network aims to reach Ethereum users through this initiative. In recent years, Ethereum’s Layer 2 solutions have made significant strides, with over 100 rollup chains expected by 2024.

With its transition to the Ethereum ecosystem, Phala Network plans to offer cryptographic computing solutions to a broader audience. The project’s statement highlighted that “this expansion onto Ethereum allows us to bring our ...

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