VC giant has announced Magi, a new rollup client for the Ethereum layer-2 ecosystem, Optimism on April 19. The firm stated that client diversity is crucial for layer-2 and rollups, as it can ensure the safety and liveliness of the network.
“Multiple independent client implementations can help ensure the safety and liveliness of the network,” the firm noted.
Magi is an OP Stack rollup client that employs the Rust programming language as its consensus client. It feeds new blocks to the execution client for the chain’s advancement. A16z’s release of Magi aimed to advance client diversity and encourage more contributors into the rapidly expanding layer-2 ecosystem because there was only one rollup client implementation at present; op-node.
“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.”
Optimism is the second most popular Ethereum layer-2 scaling solution behind Arbitrum, with a total value locked of $2.09 billion, as per L2beat. Its native OP token has retreated 6.8% on the day to trade at $2.50 at present. The entire L2 ecosystem’s TVL is just below $10 billion, which is currently cooling from its all-time high this week as crypto markets correct.
Crypto Markets Retreat
During the Thursday morning Asian trading session, crypto markets began their long-overdue correction. As a result, the total market capitalization declined by 5% to $1.26 trillion, according to CoinGecko. Bitcoin had fallen by 4.5% to $28,857 at the time of writing due to resistance at $30K, and Ethereum had taken a larger 6.7% hit in a slide to $1,949. Many other altcoins were also deeper in the red.