According to CoinDesk, Ethereum development firm Matter Labs has raised a monster $200 million to support the launch of its zkSync V2 rollup network, one of the major platforms vying for dominance in a crowded competition to reduce Ethereum’s fees and increase its transaction speeds.

Matter Labs’ Series C funding round, which closed before the market was roiled by the collapse of crypto exchange FTX, was co-led by Blockchain Capital and Dragonfly, and was joined by venture capital heavyweights including Variant, Lightspeed Venture Partners and Andreessen Horowitz.

Alongside its funding announcement, Matter Labs pledged to file its core software under an MIT Open Source license by the end of 2022, meaning third parties will be allowed to view, use and augment zkSync’s code.