DeFi projects race towards Layer 2 when Ethereum is saturated

DeFi (Decentralized Financing) protocols are rushing to implement Layer 2 scaling solutions when gas rates rise in Ethereum and the network fights on demand.

Popular DeFi platforms, including Uniswap, Aave and Synthetix, You are getting closer and closer to providing scaling solutions.

Synthetix, a synthetic asset chain protocol that tracks the value of real assets, It will be updated to a primitive version of L2 scaling on September 24th.

DeFi projects race towards Layer 2 when Ethereum is saturated
DeFi projects race towards Layer 2 when Ethereum is saturated

According to a blog post by founder Kain Warwick, The “Fomalhaut” upgrade is the first phase of the migration from L2 to Optimistic Ethereum. It is a test network with incentives designed to reduce gas costs for small SNX stakers They have hundreds of dollars in fees to collect weekly rewards.

A second update called “Deneb” is planned for September 29th, which will also contain measures to lower gas prices.. Warwick added:

“Both launches are a direct response to rising gas costs due to the congestion on Ethereum. Some of the changes are stopping the loopholes in the transition to Optimistic Ethereum, but these two versions include the first step towards Synthetic L2. “

The hybrid approach of L2 is expected to include Synthetix by the end of the year, he concluded. Optimstic Rollups is a Layer 2 solution that scales intelligent Ethereum and dApps contracts up to 2000 transactions per second.

Uniswap, the world leader in DeFi DEX, is also working on an important update with Uniswap V3. When the founder of Uniswap was asked earlier this year, Hayden Adams said V3 would “fix anything” implying that L2 could be a big part of the upgrade.

There is already a basic demo of the L2 version of the Token Exchange protocol that works in Unipig se He started in October 2019 in collaboration with Optimistic Rollups.

The Aave Loan Logbased in London, the second most popular DeFi protocol in terms of total stored value, is preparing for the launch of the second version of the platform, which will streamline operations to reduce transaction costs.

In a blog post last month Aave announced that its “aTokens”, which are embossed to represent crypto collateral on the platform, will incorporate EIP 2612 for gas-free permits. The Ethereum Enhancement Proposal (EIP) allows transactions with ERC-20 operations to be paid for the use of the tokens themselves instead of the ETH building up with gas.

“The short term goal is to drive adoption of the tokens, and Aave is actively researching to bring them to L2.”

In the mail No further details were given about the L2 solutions to be adopted or a timeframe for the release of Aave v2.

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