Why Opera Integrated This Ethereum L2 Scalability Solution
According to a press release, internet browser Opera integrated with Ethereum layer 2 exchange DeversiFi and their scaling solution powered by Starkware. Users will be able to leverage cost-efficient and instant transactions via Opera’s mobile browser wallet.
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In that way, they will be able to send peer-to-peer ETH to other users with a layer-2 swapping feature. Per the release, Opera’s partner uses StarkWare’s scalability engine. Called StarkEx, its implementation will provide the wallet with “100-times cheaper” transactions than its underlying network.
Data provided by ETH Gas Station records an important decrease in ETH transactions, at the time of writing. Transaction fees have been dropping, most likely, due to the current downtrend in the crypto market and the low demand for ETH or its native assets.
Additional data provided by the monitor indicates that DeversiFi 2 ranks second in terms of USD value with $24.2 million validated in transactions, which suggests users are keen to leverage the scalability solution. The project is preceded by Uniswap v2, one of the most popular decentralized exchanges (DEX) in the ecosystem, and surpassed by Wyvern, another DEX
The current Base Fee for ETH transactions stands at $5.50, with a $0.11/transfer for a fast transaction. Despite the dropped in-network fees, Ethereum continues to be one of the most expensive blockchains to transact.
StarkWare and other L2 scalability solutions seem to have been positively impacting this problem by allowing users to benefit from a cheaper alternative. Its integration with Opera via DeversiFi has the potential to “introduce instant trading for millions of its mobile users”.
Jorgen Arnesen, Opera’s EVP Mobile, said the following on their new cooperation with the exchange:
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.
A Cheaper Future For Users On The Ethereum Network?
The cooperation between Opera and the Ethereum based product was facilitated via a partnership with Gateway.fm. This company aided the team behind the browser to speed up its integration with the exchange by “building upon DeversiFi’s existing infrastructure”, the release clarified.
In order to benefit from this implementation, users need to install the beta version of the browser for their Android mobile devices. The feature will be available for activation on settings by clicking on the crypto wallet.
Users will be able to deposit fiat with Moonpay for ETH or directly deposit the cryptocurrency from an external wallet. As the team behind Opera said, other L2 solutions will be integrated in the future. Will Harbone, Co-Founder and CEO of DeversiFi said:
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 (…).
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As of press time, ETH trades at $2,675 with a 3% profit in the last day.
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