Market Analysis

Balancer Goes Live on Ethereum Layer 2 Network Optimism

balancer-goes-live-on-ethereum-layer-2-network-optimism

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.

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