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DeFi projects rush towards Layer 2 as Ethereum clogs up

cointelegraph.com

Decentralized finance (DeFi) protocols are racing to implement Layer 2 scaling solutions as Ethereum gas fees skyrocket and the network struggles under the demand. Synthetix, an on-chain synthetic assets protocol that tracks the value of real-world assets, is upgrading September 24 to a primitive version of L2 scaling.

According to a blog post by founder Kain Warwick the 'Fomalhaut' upgrade is the first phase of L2 migration to Optimistic Ethereum. London based lending protocol Aave, which is the second most popular DeFi protocol in terms of total value locked, is preparing the launch of version two of the platform which will streamline operations in order to reduce transaction fees.

Read in Full: cointelegraph.com
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