Curve Boosts Layer 2s with Launch on Optimism
Curve gave Layer 2s a boost by joining Optimism.
By: Samuel HaigByte
Curve, a leading decentralized exchange specializing in stablecoin swaps, has launched on Layer 2 rollup network Optimism.
Optimism was tipped by many to quickly emerge as a leading L2 network, with the team having received the same grant as rival Arbitrum last year. The network’s total value locked (TVL) has grown slowly. Optimism currently ranks as the fourth-largest L2 with just 13% of the TVL boasted by top-ranked L2, Arbitrum.
However, with an increasing number of top-ranked DeFi protocols now choosing to deploy on Optimism, the network appears poised to rise through the L2 rankings.
Curve announced its Optimism deployment via Twitter on Jan. 18. Optimism is the eighth chain on which Curve is live, with the protocol also having launched on Ethereum, Avalanche, Fantom, Arbitrum, Polygon, xDai, and Harmony.
Curve is the largest DeFi protocol by cross-chain total value locked (TVL), commanding nearly $23B or 10% of the combind DeFi TVL according to DeFi Llama. Convex Finance, a platform enabling CRV and Curve LP token holders to earn additional yield, is the second-largest dapp with a cross-chain TVL of $17.3B.
Curve is not the only leading DeFi dapp to have selected Optimism or scaling, with rival DEX Uniswap, synthetic asset protocol Synethix, and leverage exchange protocol Perpetual Protocol already live on the network.
Leading decentralized money market Aave is also looking at launching its institutional platform Arc on Optimism. A proposal posted to Aave’s governance forum last month advocating for an Arc deployment on Optimism has received widespread support.
DeFi Llama estimates Synthetix is currently Optimism’s largest DeFi protocol with a $145.4M TVL, followed by options exchange Lyra with $52.4M and Uniswap with $36.2M.
The Curve DAO Token (CRV) has been unable to buck the bearish trend despite the protocol launching on Optimism, with CRV down more than 10% over the past 24 hours according to CoinGecko.