Layer2 Coming Soon On Synthetix, Uniswap, Aave and Loopring

Layer2 Coming Soon On Synthetix, Uniswap, Aave and Loopring


If you are not large holders, it is not convenient to stake tokens on Ethereum's DeFi platforms because the gas is too high. Likewise, there is no incentive to provide liquidity. A scalability solution could come from "Layer2" that some platforms are already experimenting (Synthetix, Loopring, Aave, Uniswap). Layer2 means any scaling mechanism that is not included in the Ethereum protocol (has no effect on consent). This includes the Raiden, Plasma and Truebit status channels. All of these scaling solutions make extensive use of smart contracts. These channels create a payment network where you can send signed messages (off chain) to people who can then claim in the chain later. To learn more: Ethereum (Layer2)

 

Synthetix, an on-chain protocol that monitors the value of assets in the real world, implemented a primitive version of L2 scaling on September 24. After several months of testing, the Synthetix developers tested different aspects of Layer2 staking, including depositing and withdrawing funds. The team created two smart contracts that allow depositing on Layer-1 (the base level of Ethereum) and withdrawing funds on ORU (Layer-2). In addition to Layer-2 staking, a new SNX escrow contract has been created that supports the liquidation of collateralised SNX as set forth in SIP-60. According to founder Kain Warwick, the "Fomalhaut" upgrade is the first phase of the migration to Optimistic Ethereum. This is a testnet that will ease gas costs for small SNX stakers, who have had to pay hundreds of dollars to collect weekly rewards. Optimstic Rollups is a Layer2 solution that scales Ethereum smart contracts and dApps, bringing them to a maximum speed of 2000 transactions per second.

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Uniswap, the world leader in decentralized DeFi exchanges, has also worked hard on upgrades for Uniswap V3 which is clearly superior to V2 and should arrive in 2021. There is already a basic demo of the L2 version of the token swap protocol running on unipig.exchange.

The London-based Aave project, the second most popular DeFi protocol in terms of total invested value, is preparing to launch the second version of the platform, which is expected to simplify operations in order to reduce transaction fees. Aave said its "aTokens," coined to represent the platform's crypto collateral, will integrate EIP 2612 for gasless approvals. This particular Ethereum Improvement Proposal (EIP) allows you to pay for transactions involving ERC-20s using the tokens themselves rather than gas:

"The short-term goal is to push the adoption of the aTokens, and Aave is looking to bring them to L2"

Other networks using Layer2 are Matic, OMG and Loopring which has just launched it in liquidity mining where 1.7 million LRC will be distributed in 2 weeks. Loopring's AMM liquidity mining is intended to encourage the Ethereum community to adopt zkRollup Layer2 scalability to avoid congestion on Ethereum Layer1. At the same time by collecting more liquidity, a better user experience will be provided for Loopring Exchange and Wallet.

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