Rari Foundation, the organization representing the Rari DAO, has launched the Rari Chain mainnet on Arbitrum.
Rari Chain is an Arbitrum-based EVM equivalent chain that retains royalties by embedding at the node level. It’s a Layer 3, meaning it boosts the scalability and other features of a Layer 2, in this case Arbitrum, to expand the NFT ecosystem.
“The launch of the Rari Chain Mainnet makes our vision of creating an NFT-specific, maker-centric chain that becomes the home for the maker economy a reality,” said Jana Bertram, Head of Strategy at the Rari Foundation, in a statement . “We are excited to lay the foundation for innovation and new NFT use cases, and welcome a new wave of NFTs and projects, by offering a new decentralized infrastructure tool to the web3 community.”
The mainnet launch will also be accompanied by an open edition NFT drop from ten digital artists through a partnership with Rari Foundation, NFT platform Rarible and others.
The launch of Rari Chain’s testnet took place on November 30, 2023. About 46,000 wallet addresses joined the testnet, on which a total of about 251,000 transactions were executed, a spokesperson told The Block.
Rari token
The Rari Foundation has a native token $RARI. It has a total offering of $25 million and was priced at $1.28 at 8:58 a.m. ET on January 24. The Rari Foundation’s coffers are estimated at nearly $8 million, made up of approximately $6.3 million Rari, according to the Rari Foundation website. .
Rari Foundation represents the RARI DAO, which is managed by the $RARI token and its holders to oversee the Rari ecosystem.