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.
In January 2022, Opera announced the beta launch of its Crypto Browser Project, a dedicated Web3-browsing experience that will integrate Layer 2 solutions in the near future.
"It's part of Opera's DNA to make accessing the web easier. We have been providing extreme data savings, privacy or ad blocking features to our users around the globe. Now it's time to remove one of the key hurdles associated with the use of web3: exorbitant gas fees and slow network speeds," said Jorgen Arnesen, Opera's EVP Mobile.
"Through this integration, the everyday Opera user is able to seamlessly interact with DeFi on a user-friendly interface and experience a completely new way to interact with financial services. Layer 2 technologies are revolutionising the blockchain industry and we are proud to be working with Opera to bring our frictionless, low-cost gas-free trading solution, combined with StarkEx's scalability benefits, to their millions of users. Integrating our DeFi infrastructure in this way is just the start, and is tipping the scales of mainstream adoption of Layer 2", said Will Harborne, co-founder and CEO of DeversiFi.
"Opera's integration of the StarkEx solution is a gamechanger. It will lower the barrier of entry costs and allow tens of millions of Opera users to participate in the exciting world of Ethereum DeFi at a fraction of the price. These users today are being priced out of the market due to high transaction costs on Ethereum", said Uri Kolodny, co-founder & CEO at StarkWare.
The integration was made possible through collaboration with Gateway.fm, a blockchain-backend company which led the integration and helped Opera achieve it in record time by building upon DeversiFi's existing infrastructure, which provides markets and liquidity for its swapping and trading features.
Layer 2 is a collective term for solutions designed to help scale applications, speed up transaction times and lower the transaction costs thus making them more user- and environment-friendly. While Ethereum 2.0 will bring these benefits to the entire Ethereum blockchain, current Layer 2 Zero-Knowledge solutions are designed to handle transactions off the Ethereum mainnet while taking advantage of the Layer 1 settlement and security model.
Zero-Knowledge scaling solutions use cryptography to ensure transactions' validity and to validate it on Ethereum mainnet. This allows for faster and cheaper processing and higher scalability and makes the experience of transacting with Ethereum more user-friendly.
To start transacting with Layer 2, all users need to do is install the beta version of Opera for Android, go to settings, open the crypto wallet feature and activate the L2 card there.
Users can deposit fiat directly (via Moonpay) or deposit Eth from their Layer 1 wallets. From there, they'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.
SOURCE Opera Limited
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