DeFi accessibility and cost-effectiveness are on track for a new milestone, as leading DeFi lending platform Venus Protocol has announced it is expanding to the Optimism Network. This is a significant move in the multi-chain strategy of Venus Protocol which has one of the fastest-growing Layer 2 solutions in the Ethereum ecosystem.
The initial launch on Optimism will feature five key markets: WBTC, WETH, USDT, USDC (native), and OP. This is a strategy to provide value to the community as Venus uses the network’s low-cost transaction and high-speed capabilities. The company is placing itself in a lead position in the field of Layer 2 DeFi innovation with the help of Optimisn’s $650 million TVL ecosystem.
Venus Labs head Brad Harrison said that the company is excited to its “battle-tested DeFi services to a network known for its efficiency and growing ecosystem” as it broadens the company’s reach and is in line with its mission to enhance DeFi cost-effectiveness and accessibility.
Crypto users will experience faster inexpensive transactions because of this along with improved interoperability in the blockchain network and expanded market access. It also ensures smooth integration of EVM equivalence with existing Ethereum infrastructure.
Moreover, Venus Protocol's expansion makes it eligible for Optimism's Retro Funding, which has allocated 850 million OP tokens to application developers and core contributors to the Optimism Collective. The company is introducing a Venus Prime program as it expands into the Optimism network this will provide incentives to users who use the Venus ecosystem on Optimism.
With this latest addition, Venus Protocol is now available on six different chains: Arbitrum, Optimism, ZKsync, Ethereum Mainnet, opBNB, and BNB Chain. This multi-chain approach ensures that the company’s services are accessible to a wide range of users across various crypto ecosystems.
At present, Optimism is the third largest Layer 2 network by TVL having $3.79 billion as of April 2024 which showcases the growth potential of this ecosystem.