Balancer launches on Ethereum L2 network Optimism

Automated market maker and decentralized finance (DeFi) protocol Balancer has formally deployed on Optimism, the highly touted Ethereum layer-2 scaling solution, inside a move made to enhance user functionality by growing scalability and reducing charges. 

Balancer’s Optimism deployment was transported out along with Beethoven X, a decentralized investment platform around the Fantom Network that forked from Balancer v2. Together, both teams are stated to possess created a decentralized exchange that’s set to compete within the Optimism ecosystem.

Balancer Labs Chief executive officer Fernando Martinelli stated his project’s Optimism deployment reflects the fact that layer-2 scaling solutions is going to be good at reducing transaction charges and network congestion. 

Optimism is really a layer-2 scaling solution made to bring faster minimizing-cost transactions to Ethereum. The network is stated to aid all decentralized applications on Ethereum via Positive Rollups, a scaling solution that are operating in parallel using the primary Ethereum chain.

Presently, Optimism has over $320 million as a whole value locked (TVL) on its chain from 38 projects, according to industry data. Its TVL peaked north of $510 million at the end of April. It presently ranks 19th in overall network value. 

Like other DeFi-focused protocols, Optimism has witnessed its network activity decline significantly in the last two several weeks. Source: DeFiLlama

Related: Ethereum scaling solution Optimism upgrades governance structure

The amount of projects launching on Optimism has elevated significantly in recent several weeks, partially because of expectations the network was getting ready to airdrop new tokens. Optimism has reported an outburst sought after from users attempting to position themselves for that OP governance token airdrop, that will exist in multiple phases. It’s been reported that just about 250,000 addresses are qualified to get the airdrop.

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