Abu Dhabi giant IHC abandons building its own public chain and shifts to Ethereum Layer 2 to develop institutional-grade blockchain infrastructure.Abu Dhabi, the capital of the United Arab Emirates, has once again made a major announcement in the blockchain industry. The UAE's largest corporate group with a market value of over $240 billion — International Holding Company (IHC), officially announced the abandonment of its original plan to develop its own Layer 1 blockchain, opting instead for an Ethereum-based Layer 2 solution. This shift was driven by the active promotion of the Ethereum developer community — especially the Lambda Class team. For the global blockchain industry, this move not only signifies institutional trust in Ethereum Layer 2 solutions but also marks an important step towards the Middle East region becoming a "blockchain financial center."
Embracing Layer 2: Security, scalability, and market trust become key factors
According to Ethereum core contributors
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