Users providing and obtaining possessions on Aave through Optimism's Layer 2 chain can now make extra OP token benefits.
Key Takeaways
- OP token liquidity mining is now active on the Optimism variation of Aave.
- Since the upgrade went live, deposits to Aave on Optimism have actually increased 493%.
- The liquidity mining program has actually likewise assisted press Optimism's overall worth secured to over $1.5 billion.
A brand-new liquidity mining program on Aave has actually assisted press the overall worth secured Optimism above $1.5 billion.
Optimism Launches Liquidity Mining on Aave
Optimism has actually released another round of token benefits.
The Ethereum Layer 2 network revealed the start of its newest liquidity mining program Thursday, part of what the chain is calling "OP Summer." The job has actually assigned 5 million OP tokens to DeFi providing huge Aave for circulation to its users over the next 90 days.
Since the upgrade went live, users have actually bridged numerous countless dollars of tokens to Optimism and transferred them into Aave to make extra OP tokens. According to information from Defi Llama, Aave deposits on the Layer 2 network have actually increased 493% over the past 24 hours. At press time, Aave V3 on Optimism has simply under $420 million worth of possessions secured its wise agreements.
While the Aave liquidity mining program is the biggest on Optimism so far, it is not the. Because the Ethereum rollup introduced its native OP governance token in May, numerous other procedures have actually started dispersing rewards Amongst them are the automatic market maker Velodrome, the decentralized swaps app Perpetual Protocol, and the sports wagering app Overtime Markets.
Thanks to its OP token rewards, Optimism has actually significantly increased its user base and the overall worth of properties secured clever agreements on the chain. According to L2Beat information, the network's overall worth locked, omitting its native OP token, has increased 63% because the OP token introduced on May31 More just recently, the start of Aave liquidity mining has actually pressed the overall worth secured an extra 27%. Optimism presently holds approximately $1.51 billion in overall worth locked, routing just Arbitrum's $2.48 billion in the Layer 2 race.
Optimism is among the leading Layer 2 jobs working to scale Ethereum. It utilizes Optimistic Rollups to bundle deals together and send them back to Ethereum mainnet for verification. Rollups like Optimism deal users significant gas cost savings compared to negotiating on mainnet. L2 Fees information reveals that the existing expense to switch tokens on Optimism expenses $0.36 compared to $6.49 on Ethereum.
Disclosure: At the time of composing this piece, the author owned ETH and a number of other cryptocurrencies.
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