Arbitrum Unveils Onchain Labs: A New Initiative to Propel Innovative and Risky Web3 Startups Forward

Arbitrum, a Layer-2 solution built on Ethereum, has introduced «Onchain Labs,» a new program aimed at backing early-stage Web3 ventures. This initiative caters to experimental and high-risk projects, providing industry expertise as well as technical support, all while enhancing Arbitrum’s ecosystem for decentralized applications. Created by Offchain Labs, the program is a joint effort with the Arbitrum Foundation, which plays a key role in the ecosystem’s development and sustainability.

Arbitrum characterizes itself as a ‘toolset created to enhance Ethereum’s capabilities,’ allowing developers to create dApps that handle transactions more efficiently and at reduced costs.

An entry on the Offchain Labs blog states that Web3 projects in their early stages can tailor Arbitrum’s features to evaluate the viability and scalability of their applications. Essentially, the organization will act as a vital partner, offering streamlined technical support to assist these projects in maturing into robust and functional solutions.

“With Onchain Labs, we are allocating resources to help developers quickly build up the application layer by collaborating with them from the initial stages to deliver exceptional user experiences. We will offer product and Google Tag Manager (GTM) assistance to these nascent projects, working closely together to ensure their apps flourish on Arbitrum,” the blog expressed.

Offchain Labs has set up a registration form for Web3 projects keen on joining the initiative. The company will internally vet candidates, with a preference for those committed to ethical and equitable launches.

Tandem, the venture capital division of Offchain Labs, will be closely monitoring projects that enter the Onchain Labs initiative, with the potential for investment or acquisition, according to the blog.

Offchain Labs has highlighted the significance of sustained collaboration within the Web3 landscape to promote ecosystem expansion.

Recently, various well-established blockchain and Web3 companies have provided support for emerging crypto projects, NFT initiatives, and Metaverse engagements. Events such as Binance Blockchain Week and India Blockchain Week last year featured industry leaders urging startups to connect with established entities through incubators and competitions to enrich their understanding of the industry.

Coinbase, Binance, Tether, Polygon Labs, and PwC India are among the other firms collaborating with early-stage Web3 projects, offering funding, technical assistance, and mentorship programs.