Several projects housed under the booming decentralized finance (DeFi) sector are now rushing towards implementing the highly-anticipated Ethereum Layer 2 upgrade solutions. This is to remedy the network’s continual struggle to meet the demands of the white-hot DeFi sector. Prominent DeFi protocols such as Synthetix, Uniswap, and Aave are reportedly on the verge of launching their scaling solutions. Notably, even outside platforms such as the ConsenSys-backed startup, Liquality, also elevated its efforts to capitalize on the revamped sector.
Going by the published blog by Synthetix’s founder, Kain Warwick, the protocol’s Layer 2 solution – dubbed the “Fomalhaut” – has already launched this September 24th. Synthetix’s Fomalhault upgrade will be an incentivized testnet seeking to control the outrageous gas fees its users are currently subjected to, just to collect their weekly incentives. Warwick also noted that its second upgrade for this month is set to take place this September 29th, and shall be called “Deneb.”
As per the current leader in the total locked value in DeFi, Uniswap, the protocol notes that it is already in the works for its latest major upgrade – Uniswap V3. The founder of Uniswap, Hayden Adams, stated that this upgrade would more than likely fix all the issues presently residing in Uniswap and would surely play a significant role in the Layer 2 upgrade of Ethereum.
Lastly, Aave, the second DeFi protocol in terms of popularity, announced that it is on the verge of launching its second version. Aave’s version two is expected to significantly reduce transaction costs by streamlining its operations. As per the exact date on when we could expect Aave version two to release, the protocol declined to provide further details.
Platforms outside the DeFi bubble are also upscaling
As briefly mentioned above, ConsenSys-supported startup, Liquality, is also seemingly upscaling its efforts to capitalize on the surging DeFi protocol. According to the announcement this last Thursday, Liquality is set to release a brand new wallet that allows users to swap cryptocurrencies atomically right in the comfort of their web browsers.
This new wallet will be called the Liquality Atomic Swap Wallet. It will serve as a trustless option of porting cryptos into the white-hot DeFi sector. Basically, Liquality’s new wallet will act just like the famous MetaMask. However, the primary factor that separates the two wallets is the ability to swap assets completely trustlessly.