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On April 19, the venture capital firm unveiled Magi, a new rollup client designed for the Ethereum layer-2 ecosystem, Optimism.
It emphasized that having a variety of clients is vital for Ethereum, particularly for layer-2 solutions and rollups.
“Multiple independent client implementations can help ensure the safety and liveliness of the network,” the company remarked.
Magi is an OP Stack rollup client developed in the Rust programming language.
This software functions as the consensus client that provides new blocks to the execution client to facilitate the progression of the chain.
A16z’s rationale for this release was to promote client diversity within the swiftly growing layer-2 ecosystem.
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The firm indicated that there is currently one rollup client implementation, known as op-node. Magi will serve as an independently developed, drop-in substitute for op-node, thereby enhancing the diversity of rollup clients, it stated, further adding:
“We hope that building out this new, Rust-based client will encourage greater safety and liveliness throughout the OP Stack, and bring more contributors into the ecosystem.”
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Optimism ranks as the second most utilized Ethereum layer-2 scaling solution, following Arbitrum. As per L2beat, it boasts a total value locked of $2.09 billion, which represents a new all-time high.
Additionally, the TVL on the network has surged by 83% since the start of the year. The EVM-compatible Optimistic Rollup chain commands a layer-2 market share of 21%. Its native OP token has decreased by 6.8% on the day, trading at $2.50 at the time of this report.
Arbitrum One leads the L2 market with a 66% share, supported by a TVL of $6.58 billion.
The total TVL for the entire L2 ecosystem is just under $10 billion and is cooling from an all-time high reached this week as the crypto markets undergo a correction.
Crypto Markets Retreat
Crypto markets began their long-awaited correction during the Thursday morning trading session in Asia. Consequently, the total market capitalization fell by 5% to $1.26 trillion, according to CoinGecko.
Bitcoin faced resistance at the $30K mark, dropping 4.5% to $28,857 at the time of this report. Strong support for BTC is positioned just above the $28,000 price range.
Ethereum experienced a more significant decline of 6.7%, sliding to $1,949, while many other altcoins were further in the negative.
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