• Near Foundation has partnered with Eigen Labs, the startup building out Ethereum restaking protocol Eigen Layer. 
• The collaboration makes cheaper and quicker Ethereum rollup transactions, while reducing liquidity fragmentation between Layer 2s. 

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The Near Foundation, which is developing the Near protocol, has teamed with Eigen Labs, which is developing the restaking protocol Eigen Layer.

According to a statement, the alliance intends to provide cheaper transactions for Ethereum rollups. Transactions will take three to four seconds to complete when employing low-latency cross rollup communication. Furthermore, liquidity fragmentation between Layer 2s will be decreased.

“For Eigen Layer, this collaboration will provide fast settlement for cross-rollup transactions and showcases adoption of restaking across the Ethereum ecosystem and beyond. For Near, the collaboration will also extend to transitioning the Near-Ethereum Rainbow Bridge to an actively validated service (AVS). This will create a better bridging experience between Near and Ethereum. Transactions will reach finality faster, with stronger security guarantees and decentralization,” said the Near Foundation.

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Eigen Lab

“NEAR Foundation is proud to partner with such an excellent team as Eigen Labs to offer a fast finality layer for ETH rollups. The fast finality layer showcases the strengths of NEAR’s technology while making the Open Web more usable, which has always been the core goal for NEAR,” Near protocol co-founder Illia Polosukhin said. “It will also help defragment liquidity for Ethereum rollups and make all of web3 more interoperable as a result.”

According to The Block, Eigen Layer allows users to restake ETH and experiment with the consensus layer without the need for a new blockchain. Eigen Labs announced its plan to raise $50 million in Series A funding a month earlier.