CANVAS, a leading DeFi and Layer 2 (L2) infrastructure company, announced it has partnered with Starkware, a Pioneer in Zero Knowledge Proofs to bring gasless transactions to leading Ethereum dApps.
The service called “CANVAS Connect”, is a Layer 2 scaling solution specifically for DeFi and will leverage StarkWare’s ZK rollup StarkEx engine to solve the prohibitively high gas costs incurred when accessing all Layer 1 (L1) dApps on the Ethereum network.
Latest Fintech News: Bitget Enters India Amidst Crypto Taxation Policies
Known as “DeFi pooling”, multiple DeFi transactions are batched into a single proof which allows investors to ‘split the L1 bill’ and benefit from efficient, gasless and ultra-low-cost transactions whilst continuing to have the security offered by Ethereum mainnet.
StarkWare CEO, Uri Kolodny added: “DeFi’s original values were about financial inclusion and open access. As network gas costs have risen, DeFi has turned into a whales’ game. DeFi Pooling ensures it remains inclusive and fair. Mainstream retail adoption of DeFi is only feasible when clients can both enter and exit positions at any time without incurring large transaction fees on their investment.”
CANVAS CEO and Co-Founder, David Lavecky said: “Today, DeFi transactions on Ethereum are expensive. It’s like flying on a private jet with all gas costs paid by one individual. We see CANVAS Connect as the commercial airline that will safely & securely transport many DeFi transactions to their preferred destination, reducing fees for all.
Latest Fintech News: Juniper Research: Digital Wallets Transaction Value to Grow by 60% by 2026 Globally
We’re on a mission to onboard the next billion people. We believe DeFi Pooling will revolutionise the way people transact on Layer 1 Blockchains and unlock DeFi for all.”
CANVAS Connect will offer access to leading Ethereum dApps such as AAVE, Compound, Balancer, Uniswap, and Yearn as well as permissioned dApps like AAVE Arc & Stakewise where only whitelisted, KYC’d participants can access, unlocking DeFi for regulated institutions.
The service will launch Q2 on testnet and on Mainnet in Q3.
Latest Fintech News: Finastra Extends Collaboration With Orange Bank for Integrated Treasury Management in the Cloud
[To share your insights with us, please write to sghosh@martechseries.com]
