Summer.fi Adds Layer 2 Support on Optimism Reducing Costs by up to 42 Times
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Leading decentralized platform Summer.fi has announced its launch on Layer 2, a scaling solution for the Ethereum network. This enables Summer.fi to leverage the benefits of Layer 2 protocols, providing users with enhanced trading functionality, reduced transaction costs by up to 42 times using Summer Multiply on Optimism and improved scalability.
Additionally, Layer 2 solutions alleviate the congestion on the Ethereum mainnet, enabling Summer.fi to provide a seamless and efficient trading experience even during peak periods. Other user benefits include one-click multiply functionality but with cheaper transaction costs – up to 42 times on Optimism than on mainnet. This means that users will engage in leverage-like trading while receiving reduced fees, making it more cost-effective to participate in trading activities and explore other strategies.
Also, Summer.fi now offers the option to utilize Aave v3 Multiply on that network as well. The Summer Multiply feature, built on top of Aave v3, uses a set of smart contracts on Optimism, and Ethereum. These contracts enable users to execute transactions seamlessly, going from a multiple factor of 1 to 3x in a single transaction. Summer Multiply facilitates this process by utilizing flash loans from Balancer on Optimism. This innovative approach provides users with a convenient and efficient trading experience, combining multiply functionality with cost savings and security options. To get started with the Summer.fi on Layer 2, users can visit the website and explore the enhanced trading capabilities.
Summer.fi CEO Chris Bradbury said:
“At Summer.fi, we are constantly working towards how to make DeFi more simple, secure, and accessible – we see this launch of L2 support as a key step in dramatically improving the UX and accessibility of DeFi protocols and strategies. This strategic move allows us to address the growing demand for enhanced trading functionality while significantly reducing transaction costs. Our users can now enjoy a seamless and cost-effective trading experience, unlocking new opportunities in decentralized finance.”
This integration marks a significant milestone in DeFi, as Summer.fi joins the ranks of other major players that have recognized the potential of scaling solutions. The move demonstrates Summer.fi’s commitment to delivering the best user experience and further solidifies its position as a leader in the DeFi sector.
About Summer.fi
Summer.fi is a platform for decentralized finance. It can be used to borrow stablecoins against users’ favorite cryptocurrencies, increase exposure against them using Multiply, or Earn a competitive yield. This can be done across multiple protocols and Layers — all in one place. Summer.fi’s mission is to provide the most trusted entry point to deploy capital into DeFi. The team is made of passionate thinkers and builders driven to create a better user experience for all while being able to maximize returns.
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