Optimism Closed $150 Million Series B Funding Round Led by a16z and Paradigm

Optimism, the Ethereum Layer 2 scaling network, has closed a $150 million Series B round of funding at a $1.65 billion valuation. The round was co-led by a16z and Paradigm. Optimism will reportedly launch Calldata compression in the coming weeks, offering up to an additional 40% savings. Optimism's next major release, Optimism: Bedrock, will achieve theoretically optimal transaction submission costs with its next-generation proof-of-failure Cannon. Previously, Optimism closed a $25 million Series A round led by a16z in February 2021.