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Cryptogambling / Metis: Aave Launches an Ethereum Layer 2 Network

Metis: Aave Launches an Ethereum Layer 2 Network

Publish Date: 10/05/2023
Key Points
  • Aave launches an Ethereum-based network to attract big players in the decentralized finance sector.
  • The layer is of benefit to users who are interested in borrowing assets with less collateral.
  • Aave launches the protocol with zkEVM still in embryo.
  • zKEVM was voted by the Aave community last week.

It is not news that recently the layer- 2 protocols seem to attract big players in the decentralized finance sector.

Recently Aave has decided to explore this world via its new calling network Metis.

The decision which was made known today, the Aaave community had previously voted in favor of deploying a zero-knowledge (zk) proof EVM zkSync. This paved way for the DeFI protocol to benefit from the scaling infrastructure.

This implies that while Aave is still deciding on when to deploy the community-voted zkSync, the company announced its deployment of V3 of its protocol, Metic, an optimistic rollup calling protocol.

This new development is likely going to be of benefit to users across protocols, especially the DeFi borrowing and lending service.

In the bid to clear the atmosphere, highlighted that the major difference between the optimistic rollups and zk-rollups is that the former is involved in off-chain processing before data on-chain which create a challenge for users to validate transaction within a specific time frame.

Instead of requiring the network to validate the data, Zk-rollups runs transactions off-chain and submits massive batches on-chain using a single proof of validity.

What are The benefits of the Layer-2 Network?

According to the Metis team, the benefit of this protocol includes borrowing assets with less collateral with the Aave High-Efficiency mode.

The team also promised improved risk management with supply and borrow caps as part of the benefit the layer-2 protocol brings to the table.

Aside from this, the protocol ensures reduced exposure to potential market contagion.

Finally,  Aave’s Gas Optimization also lowers transaction fees, its Cross-Chain Portals give access to broader DeFi solutions, and its Isolation mode expands the pool of collateral assets.

What is Aave?

Aave is well-known in the DeFi industry, and the protocol has a total value of over $5.5 billion locked in. The DeFi liquidity protocol, version 3, was introduced to the Ethereum layer-2 protocols Avalanche, Arbitrum, Optimism, and Polygon in January 2023 before being implemented on the Ethereum mainnet.

While Uniswap token holders voted in favor of deploying on Polygon’s zkEVM roll-up solution in April 2023, 1inch Network, another significant DeFi operator, chose zkSync to deploy its aggregation and limit order protocols.

Final Thought

In conclusion, the launch of Metis by Aave is a significant development in the Ethereum ecosystem that has the potential to address the scalability issues facing the network. This will greatly benefit the decentralized finance (DeFi) space, as it will improve the user experience and lower transaction costs. With Metis, Aave aims to democratize access to DeFi by making it more accessible and affordable to a wider range of users.

The launch of Metis represents a significant step towards achieving the long-term goal of making DeFi more inclusive and accessible to everyone. Overall, the Ethereum community can look forward to more exciting innovations in the future, as developers continue to build on the foundations laid by Aave and other leading players in the space.

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