NEAR moves into the modular blockchain landscape with the lowest-cost DA offering in the Web3 market today
LISBON, Portugal, Nov. 8, 2023 /PRNewswire/ — NEARCON: The NEAR Foundation today announced the rollout of the NEAR Data Availability (NEAR DA) layer, a groundbreaking innovation that offers robust, cost-efficient data availability for developers building Ethereum rollups.
Launched with Madara by StarkNet, Caldera, Fluent, Vistara, Dymension RollApps, and Movement Labs as its first users, NEAR DA’s entry into the data availability landscape builds upon the NEAR Protocol’s 3+ years as an established, secure, and reliable blockchain with 100% uptime. NEAR provides all the guarantees of a scalable layer-one network that is also more cost-effective than other DA solutions––for instance, posting rollup data on NEAR would be 8,000 times cheaper than posting on Ethereum.
Designed to scale Ethereum cheaply and reliably, NEAR DA offers immediate benefits to Web3 founders exploring the modular blockchain development landscape. The new layer supports Ethereum L2s that want to continue building on ETH without the high cost of posting data. It will also support high-quality projects looking to launch an app-chain or an L2.
The negligible, predictable gas fees and cost-effectiveness of NEAR DA let developers build more accessible applications for their end-users. As of September 2023, posting 100kB of calldata on Ethereum L1 for optimistic rollups would cost roughly $26.22, while posting the same amount of data on NEAR Protocol would cost $0.0033. Projects can pass those benefits along to their user base while still remaining integrated with the broader Ethereum ecosystem.
Illia Polosukhin, co-founder of NEAR Protocol, said: “Offering a data availability layer to Ethereum rollups highlights the versatility of NEAR’s tech while also helping founders from across Web3 deliver great products that bring us closer to mainstream adoption of the Open Web. NEAR’s L1 has been live with 100% uptime for more than three years, so it can offer true reliability to projects looking for secure DA while also being cost-effective. NEAR provides great solutions to developers no matter which stack they’re building on and now that includes the Ethereum modular blockchain landscape.”
By opening up its blockchain for data availability, NEAR Protocol is expanding its offerings to deliver a modular blockchain development framework that lets Web3 developers and founders continue building on Ethereum while leveraging NEAR’s state-of-the-art tech for one part of the stack, depending on their requirements. NEAR DA expands the capabilities of NEAR’s Open Web Stack, a common entry point where developers and users alike can easily build, browse, and discover Web3 products and platforms. This includes FastAuth onboarding to an account in seconds with zero crypto or seed phrases required, as well as the ability to create decentralized frontends from a library of thousands of components.
Developers and founders building on Ethereum rollups interested in using NEAR DA can visit near.org/data-availability to get started.
About NEAR Foundation
The NEAR Foundation is a Switzerland-based non-profit foundation whose mission is to enable community driven innovation to benefit people around the world. One of its core areas of focus is the NEAR ecosystem, which includes a fully operational decentralized Blockchain-based platform for building decentralized applications.
NF carries out its mission, primarily through the allocation of support and resources to other nodes in the near ecosystem, rather than via direct intervention or operations.
NF’s ultimate goal is to minimize its own scope and footprint by continuing to divide functions and resources to the ecosystem; and support the development of decentralized infrastructure necessary for those ecosystem functions to operate in a self-sufficient manner. For more information visit the website, follow us on social, or join our communities:
NEAR Foundation X/Twitter: @nearprotocol
NEAR Foundation Telegram: @cryptonear
+44 (0) 7812 211403
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SOURCE NEAR Foundation