Opera, a cross-platform web browser, has integrated with DeversiFi, a decentralized exchange (DEX) based by Starkware’s Layer 2 (L2) scaling solution, to enable faster and more affordable transactions within its mobile browser wallet.
The company stated in a press release shared with Cryptonews.com that the meteoric surge in popularity of decentralized finance (DeFi) protocols, as well as rising interest in non-fungible tokens (NFTs), has resulted in prohibitively high transaction fees on the Ethereum (ETH) mainnet.
Uri Kolodny, co-founder and CEO of StarkWare, said that Ethereum’s high transaction costs are pricing customers out of the market today.
As a result, the browser has teamed with DeversiFi to enable users to send ETH to one another more quickly and cheaply via peer-to-peer (P2P) transactions.
The new connection “would lower the entry hurdle and enable tens of millions of Opera users to engage in the exciting world of Ethereum DeFi for a fraction of the cost,” Kolodny continued.
The connection was completed in partnership with a blockchain-backend firm called Gateway.fm, which assisted Opera in building on DeversiFi’s existing infrastructure, which provides markets and liquidity for the company’s swapping and trading services.
According to Will Harborne, co-founder and CEO of DeversiFi, the average Opera user may now “seamlessly interact with DeFi via a user-friendly interface and discover an entirely new way to interact with financial services.”
Opera’s latest foray into the young cryptocurrency sector. The browser first became involved in cryptocurrency in 2018, when it added a built-in crypto wallet and dapp explorer. Since then, it has continued to expand its functionality and integrate additional blockchains.
Opera recently announced the launch of their “Crypto Browser Project,” which would provide users with direct access to Web 3 services across numerous networks. The beta version of the project is already accessible for Windows, Mac, and Android users, and includes an integrated non-custodial wallet.
“It is ingrained in Opera’s DNA to make web access easier, “Jorgen Arnesen, Opera’s EVP Mobile, stated in a recent release. “Now is the moment to eliminate one of the primary impediments to web3 adoption: excessive petrol prices and sluggish network connections.”
Layer 2 is an umbrella name for projects that aim to aid in application scaling by offloading transaction processing from the mainnet (layer 1 networks). Thus, layer 2 solutions shorten transaction times and reduce transaction costs, resulting in more user- and environmentally friendly networks.
According to the browser, users can take advantage of layer 2 solutions by installing the beta version of Opera for Android.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.