Optimism Introduces Balancer Protocol Along With Beethoven X For Enhancing of L2 Network

Optimism, a leading Ethereum Layer 2 scaling solution, has introduced Balancer Protocol to cut gas costs and dramatically increase the liquidity of DeFi. Due to Ethereum’s difficulties, users of decentralized finance now face exorbitant costs, making it difficult to get started. Optimism launch of Balancer’s technology provides DeFi liquidity provision with an opportunity for sustained, scalable, creative expansion in the L2 network.

Fernando Martinelli, Balancer Labs CEO & Co-Founder, stated:

“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 partnership with Beethoven X will spearhead the Optimism deployment’s early stages. To be a powerful player in Optimism, a DEX must have the technological competence and inventive qualities of both teams working together.

Optimism uses a mechanism known as optimistic rollups to support all Dapps on the Ethereum network. In an optimistic rollup, all transactions are presumed genuine, improving Ethereum’s transaction rate and lowering costs dramatically, safeguarding approximately $600 million in on-chain assets.

The $600 billion Ethereum network is being stifled by high transaction costs, increasing network congestion, and an inability to expand. The problems above arise because of Ethereum’s current transactional capacity limitations (30 transactions per second).

Ben Jones – Chief Scientist at Optimism Foundation, said:

“We are incredibly excited to see Balancer going live on Optimism. Balancer is an important DeFi building block and seeks to bring a more flexible trading experience to the ecosystem. Moreover, working with the excellent Balancer and BeethovenX teams represents an awesome chance to learn from decentralized governance ‘in the wild’–a journey that we recently began ourselves.”

Technology from Balancer and Optimism will aid fulfill the demand of the fast-evolving DeFi market by slashing gas costs, increasing capital efficiency, and unlocking arbitrage with zero-token beginning capital.

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