Ethereum Users Flock to Optimism for Aave Liquidity Mining Launch

Key Takeaways

  • OP token liquidity mining is now energetic on the Optimism model of Aave.
  • Since the replace went stay, deposits to Aave on Optimism have elevated 493%.
  • The liquidity mining program has additionally helped push Optimism’s complete worth locked as much as over $1.5 billion.

Share this text

A brand new liquidity mining program on Aave has helped push the whole worth locked in Optimism above $1.5 billion. 

Optimism Launches Liquidity Mining on Aave 

Optimism has launched one other spherical of token rewards.

The Ethereum Layer 2 community announced the beginning of its newest liquidity mining program Thursday, a part of what the chain is looking “OP Summer.” The venture has allotted 5 million OP tokens to DeFi lending large Aave for distribution to its customers over the following 90 days. 

Since the replace went stay, customers have bridged a whole bunch of hundreds of thousands of {dollars} of tokens to Optimism and deposited them into Aave to earn further OP tokens. According to data from Defi Llama, Aave deposits on the Layer 2 community have elevated 493% over the previous 24 hours. At press time, Aave V3 on Optimism has slightly below $420 million value of belongings locked in its good contracts. 

While the Aave liquidity mining program is the most important on Optimism to date, it’s not the primary. Since the Ethereum rollup launched its native OP governance token in May, a number of different protocols have begun distributing incentives. Among them are the automated market maker Velodrome, the decentralized swaps app Perpetual Protocol, and the sports activities betting app Overtime Markets. 

Blog New Ap Pricing e1637002475474

Thanks to its OP token incentives, Optimism has considerably elevated its consumer base and the whole worth of belongings locked in good contracts on the chain. According to L2Beat data, the community’s complete worth locked, excluding its native OP token, has increased 63% for the reason that OP token launched on May 31. More not too long ago, the beginning of Aave liquidity mining has pushed the whole worth locked up a further 27%. Optimism at the moment holds roughly $1.51 billion in complete worth locked, trailing solely Arbitrum’s $2.48 billion within the Layer 2 race. 

Screenshot 2022 08 05 140542
Optimism complete worth locked (Source: L2Beat)

Optimism is among the main Layer 2 initiatives working to scale Ethereum. It makes use of Optimistic Rollups to bundle transactions collectively and ship them again to Ethereum mainnet for affirmation. Rollups like Optimism supply customers substantial fuel financial savings in comparison with transacting on mainnet. For instance, L2 Fees data exhibits that the present price to swap tokens on Optimism prices $0.36 in comparison with $6.49 on Ethereum. 

Kryll - Automated crypto trading made simple

Disclosure: At the time of scripting this piece, the writer owned ETH and several other different cryptocurrencies. 

Share this text

Source link

Related Articles

Leave a Reply

Back to top button