Balancer has partnered up with its Fantom Opera fork Beethoven X to execute the Optimism deployment.
Key Takeaways
- Balancer has launched on the Ethereum Layer 2 network Optimism.
- Beethoven X, Balancer’s first friendly fork on the Fantom blockchain, led the front-end integration efforts.
- Balancer’s deployment on Optimism comes only a day after the network launched its OP governance token.
Balancer is the latest decentralized exchange to arrive on Optimism.
Balancer Comes to Optimism
Balancer has launched on Optimism.
The leading decentralized exchange, which currently ranks in the top five by total value locked on Ethereum, announced today that it had launched on the Ethereum Layer 2 scaling solution, Optimism. The move marks Balancer’s third EVM chain integration after expanding to the Layer 2 network Aribtrum and Ethereum sidechain Polygon.
Optimism is one of several projects working to help Ethereum achieve greater scalability. It leverages a technology known as Optimistic Rollups, a scaling solution that bundles transactions together on a separate network and then settles them as a single transaction on Ethereum mainnet. Layer 2 networks based on Optimistic Rollups like Optimism and Arbitrum can provide vastly higher transaction throughput and significantly more affordable fees while leveraging Ethereum’s superior security and decentralization.
On Wednesday, Optimism launched its OP governance token via an airdrop to a select number of eligible users, generating significant hype around the network and leading to a notable uptick in total value locked across its DeFi ecosystem. Today, that uptick in DeFi liquidity will further be supplemented by Balancer’s launch on the network. Balancer is an innovative DeFi protocol offering several products, including its flagship decentralized exchange that supports multi-token liquidity pools managed by custom automated market maker formulas and an automated portfolio manager.
Commenting on the integration in a press release, the co-founder and CEO of Balancer Labs, Fernando Martinelli, said:
“By launching on Optimism, Balancer is recognizing that it is a leading L2 solution. Its distinctive scalability, while inheriting Ethereum’s security, led to the recognition that it will enhance the user experience and propel growth. L2s show the promise of reducing transaction fees and network congestion, and we are excited to bring our technology to the Optimism ecosystem.”
Balancer’s front-end deployment will be led by the exchange’s first friendly fork on the Fantom blockchain, Beethoven X, who will lend its technical prowess to Balancer’s team to help the protocol become a top DeFi player in the Optimism ecosystem.
Disclosure: At the time of writing, the author of this piece owned ETH and several other cryptocurrencies.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
Layer 2 Bridges Clog as Optimism Airdrop Recipients Leave Network
The Optimism token has also dropped over 70% since trading began yesterday. Users Cash Out From Optimism Optimism airdrop recipients are taking their gains back to Ethereum. Bridges connecting Ethereum…
Ethereum Layer 2 Optimism Launches Token Airdrop
It’s the first of several planned OP token airdrops. Optimism Goes Live With Airdrop Optimism’s OP token is live on Ethereum. The Layer 2 scaling network launched its new token…
Binance Now Supports Deposits to Ethereum Layer 2 Arbitrum
Binance has announced the completion of its Arbitrum One mainnet integration, allowing users to transfer Ethereum from their Binance wallet straight to the Layer 2 network. Binance Launches Arbitrum Deposits…
Balancer Launches on Polygon with $10M Rewards Program
Essential DeFi protocol Balancer is launching a joint rewards program with Polygon. Balancer Heads to Polygon Balancer has launched on Polygon. The popular decentralized exchange protocol, which forms part of…
