CANVAS, a leading DeFi infrastructure company, is excited to announce the testnet launch of CANVAS Connect, the Layer 2 scaling solution built for the digital economy.
CANVAS Connect was built in collaboration with StarkWare. The service will allow users to complete DeFi transactions without paying the prohibitively high and unpredictable gas costs whilst still benefiting from Ethereum security. Transaction types include:
1. Investing – Any dollar amount into any Ethereum L1 dApp.
2. Trading – A new way to buy/sell/trade on Layer 2 without any gas fees.
3. Transfers (payments) – Instantly transfer Ethereum from one wallet to another without any gas fees.
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“We’re on a mission to onboard the next billion people to DeFi. We believe CANVAS Connect will revolutionize the way people transact on Layer 1 blockchains and unlock DeFi for all,” said CANVAS CEO and Co-Founder, David Lavecky.
CANVAS Connect is unique amongst L2’s in that there’s no surge pricing, no fee token, no liquidity islands, no minimum trade values, and offers simple integration with APIs and SDKs.
“Blockchains need to be faster, more scalable, and cheaper to unlock mass adoption,” said StarkWare CEO, Uri Kolodny, “Canvas Connect L2 solves the challenges to support the next billion people to DeFi. The future of global economies are natively digital and Canvas Connect is building the infrastructure to power this growth.”
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.
Fireblocks will be the first institutional grade wallet infrastructure to natively support CANVAS Connect L2, enabling all Fireblocks clients to benefit from gasless access to all Layer 1 Ethereum dApps as well as instant trades and transfers on the CANVAS Connect Layer 2 network.
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