Balancer launches on Ethereum L2 network Optimism

Published at: June 2, 2022

Automated market maker and decentralized finance (DeFi) protocol Balancer has officially deployed on Optimism, the highly touted Ethereum layer-2 scaling solution, in a move designed to enhance user functionality by increasing scalability and reducing fees. 

Balancer’s Optimism deployment was carried out in conjunction with Beethoven X, a decentralized investment platform on the Fantom Network that forked from Balancer v2. Together, both teams are said to have developed a decentralized exchange that is set to compete in the Optimism ecosystem.

Balancer Labs CEO Fernando Martinelli said his project's Optimism deployment reflects the belief that layer-2 scaling solutions will be effective in reducing transaction fees and network congestion. 

Optimism is a layer-2 scaling solution designed to bring faster and lower-cost transactions to Ethereum. The network is said to support all decentralized applications on Ethereum via Optimistic Rollups, a scaling solution that operates in parallel with the main Ethereum chain.

Currently, Optimism has over $320 million in total value locked (TVL) on its chain from 38 projects, according to industry data. Its TVL peaked north of $510 million in late April. It currently ranks 19th in overall network value. 

Related: Ethereum scaling solution Optimism upgrades governance structure

The number of projects launching on Optimism has increased considerably in recent months, partly due to expectations that the network was preparing to airdrop new tokens. Optimism has reported a surge in demand from users wanting to position themselves for the OP governance token airdrop, which will occur in multiple phases. It has been reported that nearly 250,000 addresses are eligible to receive the airdrop.

Tags
Defi
Dex
Layer2
Related Posts
Arbitrum extends lead over Optimism as Uniswap posts record volume on L2
The world’s most popular decentralized exchange, Uniswap, is seeing layer-two volumes surge as Ethereum transaction fees surge once again. On Tuesday, Uniswap founder Hayden Adams tweeted that daily volume across v3 deployments of the decentralized exchange on layer-two networks has pushed into record levels. Adams estimated that Uniswap v3 processed an unprecedented $115 million in combined daily volume across the Arbitrum and Optimism networks without providing a source. Uniswap v3 on layer 2 (arb + OE) doing an all time-time high of $115m volume!! 2⃣ L2 season is here :) — hayden.eth (@haydenzadams) October 18, 2021 While Adams’ post was …
Defi / Oct. 19, 2021
Polygon’s expanding ecosystem backs MATIC’s rise toward a new all-time high
Layer-two (L2) solutions for the Ethereum network have become a popular topic of discussion and speculation on their associated tokens backed the massive rally seen in many of the protocols this year. The parabolic growth of the decentralized finance (DeFi) and nonfungible token (NFT) sector also led to a surge in the cost carrying out simple transfers and this prompted developers and investors to migrate to L2-supportive platforms. One L2 solution that saw its token price rise to new highs earlier in the year and now looks poised to make another breakout higher is Polygon (MATIC), a proof-of-stake blockchain protocol …
Markets / Dec. 1, 2021
KyberSwap DEX launches on later two network Arbitrum
Decentralized exchange (DEX) aggregator KyberSwap has launched on the layer-2 Ethereum scaling solution Arbitrum network. The move puts Kyberswap on its seventh network or scaling solution along with Ethereum (ETH), Polygon (MATIC), Fantom (FTM), BSC (BNB), Avalanche (AVAX), and Cronos (CRONOS). KyberSwap joins SwaprEth, Balancer Labs, Curve Finance, and SushiSwap as the DEXes available on Arbitrum as of the time of writing. KyberSwap DEX Aggregator Launches Integration with L2 Scaling Solution @OffchainLabs #Arbitrum Network Trade tokens on #KyberSwap at faster speeds and with lower costs, with the best rates! Trade and earn now: https://t.co/Yl4MTlr0di Learn more: https://t.co/ksSu1YjQkt pic.twitter.com/sUI00hnsk5 — Kyber …
Business / March 7, 2022
UNI, MATIC and AAVE surge after Bitcoin price bounces back above $20K
Crypto investors found cause for celebration on July 14 as the market experienced a positive trading session just one day after the Consumer Price Index (CPI) posted a June print of 9.1%, its highest level since 1981. The move higher in the market wasn’t entirely unexpected for seasoned traders who have become familiar with a one to two-day bounce in asset prices following the most recent CPI prints. These traders also know there’s nothing to get too excited about, as the bounces have typically been followed by more downside once people realize that the high inflation print is a negative …
Bitcoin Price / July 14, 2022
Total value locked in DeFi dropped by 66%, but multiple metrics reflect steady growth
The aggregate total value locked (TVL) in the crypto market measures the amount of funds deposited in smart contracts and this figure declined from $160 billion in mid-April to the current $70 billion, which is the lowest level since March 2021. While this 66% contraction is worrying, a great deal of data suggests that the decentralized finance (DeFi) sector is resilient. The issue with using TVL as a broad metric is the lack of detail that is not shown. For example, the number of DeFi transactions, growth of layer-2 scaling solutions and venture capital inflows in the ecosystem are not …
Adoption / Aug. 9, 2022