CANVAS, a DeFi infrastructure company, is pleased to announce the testnet launch of CANVAS Connect, the Layer 2 scaling solution “built for the digital economy.”
CANVAS Connect was “built in partnership with StarkWare, using the company’s STARK Proofs to batch DeFi transactions.” The new service will “remove the need for individuals to pay prohibitively high gas costs when accessing all Layer 1 dApps on the Ethereum network.”
CANVAS CEO and Co-Founder, David Lavecky said:
“We’re on a mission to onboard the next billion people to DeFi. We believe CANVAS Connect will revolutionize the way people transact on Layer 1 blockchains and unlock DeFi for all.”
CANVAS Connect will “allow users to complete the following three financial transitions without paying the prohibitively high and unpredictable gas costs required to execute DeFi transactions” whilst still benefiting from Ethereum security:
- Investing – Any dollar amount into any Ethereum L1 dApp with no gas.
- Trading – A new way to buy/sell/trade on Layer 2 without the gas fees.
- Transfers (payments) – Instantly transfer Ethereum from one wallet to another without the gas fees.
Known as “DeFi pooling”, CANVAS Connect “works by batching multiple DeFi transactions into a single proof which allows investors to ‘split the L1 bill’ and benefit from efficient, gasless and ultra-low-cost transactions while continuing to have the security offered by Ethereum mainnet.”
Following the successful launch on testnet, CANVAS Connect will “be moved to the mainnet in less then 90 days after completion of a code audit.”
CANVAS also “features many benefits for crypto power-users: there’s no surge pricing, no fee tokens, no liquidity islands, no minimum trade values, and offers simple integration with APIs and SDKs.”
StarkWare CEO, Uri Kolodny, remarked:
“We have known for a long time that blockchains need to be faster, easier, and cheaper to increase DeFi adoption, and we are thrilled with Canvas’s approach in applying Starkware technology to solve the scalability challenges that will bring the next billion people to DeFi. The future of global economies is natively digital and decentralized, and Canvas Connect is building the necessary infrastructure to support the trillions of dollars that will power those economies.”
CANVAS Connect will “offer access to Ethereum dApps such as AAVE, Compound, Balancer, Uniswap, and Yearn as well as permissioned dApps like AAVE Arc & Stakewise where only whitelisted, KYC’d participants can access, unlocking DeFi for regulated institutions.”
Fireblocks will also be “the first institutional grade wallet infrastructure to natively support CANVAS Connect.”