Source: AdobeStock / monticellllo
The multi-platform web browser Operahas integrated with DeversiFi, a decentralized exchange (DEX) powered by Starkware‘s Layer 2 (L2) scaling solution, in a bid to offer faster and cheaper transactions within its mobile browser wallet.
In a press release shared with Cryptonews.com, the company said that the exceptional rise in popularity of decentralized finance (DeFi) protocols, as well as the increased interest in non-fungible tokens (NFTs), have led to prohibitive transaction fees on the Ethereum (ETH) mainnet.
Uri Kolodny, co-founder and CEO at StarkWare argued that users today are being priced out of the market due to Ethereum’s high transaction costs.
Therefore, the browser has partnered with DeversiFi to enable its users to send ETH to each other in peer-to-peer (P2P) transactions faster and cheaper.
The new integration “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,” added Kolodny.
The integration was completed through collaboration with a blockchain-backend company Gateway.fm that helped Opera build upon DeversiFi’s existing infrastructure, which provides markets and liquidity for its swapping and trading features.
Will Harborne, co-founder and CEO of DeversiFi, is quoted saying that the everyday Opera user is now able to “seamlessly interact with DeFi on a user-friendly interface and experience a completely new way to interact with financial services.”
The move is Opera’s latest push into the nascent crypto industry. The browser first got involved with crypto in 2018, with the introduction of its built-in crypto wallet and dapp explorer. Since then, it has been adding more functionalities and integrating more blockchains.
Just recently, Opera unveiled its “Crypto Browser Project” aimed at offering users direct access to Web 3 services across multiple networks. The project’s beta version is already available with a built-in non-custodial wallet for Windows, Mac, and Android users.
“It’s part of Opera’s DNA to make accessing the web easier,” said in the latest announcement Jorgen Arnesen, Opera’s EVP Mobile. “Now it’s time to remove one of the key hurdles associated with the use of web3: exorbitant gas fees and slow network speeds.”
Layer 2 is an umbrella term for projects designed to help scale applications by processing transactions off of the mainnet (layer 1 networks). This way, layer 2 solutions speed up transaction times and lower the transaction costs, making networks more user- and environment-friendly.
The browser detailed that users can enjoy the benefits of layer 2 solutions through Opera by installing the beta version of the browser for Android.