Customers lending and borrowing resources on Aave through Optimism’s Layer 2 chain can now build extra OP token rewards.
Key Takeaways
- OP token liquidity mining is now crammed with life on the Optimism model of Aave.
- Since the update went stay, deposits to Aave on Optimism comprise increased 493%.
- The liquidity mining program has also helped push Optimism’s total cost locked as a lot as over $1.5 billion.
A brand recent liquidity mining program on Aave has helped push the final cost locked in Optimism above $1.5 billion.
Optimism Launches Liquidity Mining on Aave
Optimism has launched one other round of token rewards.
The Ethereum Layer 2 network announced the beginning of its most up-to-date liquidity mining program Thursday, part of what the chain is calling “OP Summer season.” The challenge has allocated 5 million OP tokens to DeFi lending giant Aave for distribution to its users over the subsequent 90 days.
Since the update went stay, users comprise bridged plenty of of millions of bucks of tokens to Optimism and deposited them into Aave to construct extra OP tokens. In accordance to knowledge from Defi Llama, Aave deposits on the Layer 2 network comprise increased 493% over the previous 24 hours. At press time, Aave V3 on Optimism has fair staunch below $420 million value of resources locked in its natty contracts.
Whereas the Aave liquidity mining program is the largest on Optimism to this point, it’s no longer the predominant. Since the Ethereum rollup launched its native OP governance token in Would possibly presumably per chance per chance fair, rather a lot of other protocols comprise begun distributing incentives. Amongst them are the automatic market maker Velodrome, the decentralized swaps app Perpetual Protocol, and the sports making a bet app Overtime Markets.
Thanks to its OP token incentives, Optimism has substantially increased its particular person noxious and the final cost of resources locked in natty contracts on the chain. In accordance to L2Beat knowledge, the network’s total cost locked, excluding its native OP token, has increased 63% since the OP token launched on Would possibly presumably per chance per chance fair 31. Extra currently, the beginning of Aave liquidity mining has pushed the final cost locked up an extra 27%. Optimism currently holds roughly $1.51 billion in total cost locked, trailing entirely Arbitrum’s $2.48 billion in the Layer 2 elope.
Optimism is one amongst the main Layer 2 initiatives working to scale Ethereum. It makes exhaust of Optimistic Rollups to bundle transactions collectively and send them relieve to Ethereum mainnet for affirmation. Rollups like Optimism provide users gargantuan gas savings when put next to transacting on mainnet. As an illustration, L2 Expenses knowledge reveals that essentially the most up-to-date cost to swap tokens on Optimism charges $0.36 when put next to $6.49 on Ethereum.
Disclosure: On the time of writing this fragment, the author owned ETH and rather a lot of other cryptocurrencies.
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