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 preserves royalties by embedding them on the node level. It's a Layer 3, which means it boosts scaling and other features of a Layer 2, in this case Arbitrum, to augment the NFT ecosystem.
"The launch of Rari Chain mainnet turns our vision of creating NFT specific, creator-focused chain, that becomes home for creator economy, into a reality," said Jana Bertram, Head of Strategy at Rari Foundation, in a statement. "We're excited to provide the ground 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's launch also accompanies an open edition NFT drop from ten digital artists through a collaboration with Rari Foundation, the NFT platform Rarible and others.
Rari Chain's testnet launch occurred on Nov. 30, 2023. Around 46,000 wallet addresses joined the testnet, which had roughly 251,000 total transactions enacted, a spokesperson told The Block.
The Rari Foundation has a native token $RARI. It has a total supply of 25 million and was priced at $1.28 as of 8:58 a.m. ET on Jan. 24. The Rari Foundation treasury is valued at nearly $8 million, composed of around 6.3 million $RARI, according to the Rari Foundation’s website.
Rari Foundation represents the RARI DAO, which is governed by the $RARI token and its holders to oversee the Rari ecosystem.
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