Opera Integrates Ethereum Layer 2 To Bring Millions Into DeFi Network

February 23, 2022 4:24 pm

Opera recently announced that it just integrated its popular web browser with the Ethereum layer 2 exchange DeversiFi which will allow users to conduct cheap and instant transactions with their Ethereum wallet on the browser.

This is a significant change for the browser as this will essentially bring the millions of active users that currently use the Opera browser into a decentralized environment where they can do p2p transactions with each other.

This DeFi space has been one of the highest emerging topics within the crypto space and has increased demand for ways to be able to perform transactions in cost effective ways.

In addition to DeFi, the emergence of the NFT space has also increased that demand as the number of transactions on Ethereum and other crypto in general have skyrocketed.

Yahoo reports:

The increasing popularity of the decentralised finance (DeFi) sector, and the ongoing Non-Fungible Token (NFT) frenzy, has led to prohibitive transaction fees on the Ethereum mainnet.

Integrating a Layer 2 solution through a partnership with DeversiFi makes it easier, faster and cheaper for Opera’s users to send ETH to each other in p2p transactions, with a Layer 2 swapping feature.

DeversiFi is powered by StarkWare’s innovative StarkEx scalability engine, which makes transacting via Layer 2 instantaneous and 100-times cheaper than via Ethereum Layer 1.

Opera can therefore eliminate costly transaction fees and introduce instant trading for millions of its mobile users.

This move is a further step in Opera’s strategy to make the use of crypto more mainstream:

In 2018, Opera introduced the first browser with a seamless built-in crypto wallet and dApp explorer, later integrating more blockchains including Bitcoin, Celo and others and introducing very easy fiat-to-crypto on-ramps in the browser and bringing crypto capabilities to its desktop and iOS browser.

This recent move by Opera seems to be a continuation of a strategy that Opera had started off earlier in the year when it launched its Crypto Browser Project.

The focus is the move to the Web3 experience which focuses on decentralizing many aspects of the current web experience that exists today.

The company agrees that the main pain points now is to remove high gas fees and slow network speeds that currently hold back users today, expecially on the Ethereum blockchain which is what the Ethereum layer 2 exchange DeversiFi will provide users access to.

Layer 2 technologies could possibly help with some of those pain points according to the company.

Opera reports:

Through this integration, the Opera users are able to seamlessly interact with DeFi on a user-friendly interface and experience a completely new way to interact with financial services at low costs, which are particularly relevant for those users who today are being priced out of the market due to high transaction costs on Ethereum.

You can deposit fiat directly (via Moonpay) or deposit Eth from your Layer 1 wallet. From there, you’ll be able to swap and transfer tokens directly in the wallet, powered by DeversiFi.

Ethereum Layer 2 is available in the beta version Opera browser for Android, available here. The Opera Crypto Browser Project will also integrate Layer 2 solutions in the near future.

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