We are happy to announce that layer2.finance v0.1 is officially launched today (application link: app.l2.finance)!
Layer2.finance solves the fundamental problems that hinder the massive growth of DeFi users: extremely high transaction fees and complex user interaction methods. Layer2.finance has innovatively built a "DeFi public transportation system", which allows users to change their DeFi handling fees from high "luxury car fares" to cheap "subway tickets". Relying on Celer's advanced two-layer rollup technology, multiple users can aggregate their needs and share the transaction fees that would have been borne by one person without trusting any third party, thereby greatly reducing costs. On top of low fees, layer2.finance provides a flexible DeFi asset management strategy interface, which will become a low-cost, high-efficiency one-stop decentralized portal platform in the DeFi world, allowing users to interact with complex DeFi protocols And concepts are completely liberated, so that everyone can easily use and enjoy the real benefits brought by DeFi.
Here we launch the "Opening Bonus" activity of layer2.finance v0.1: 0 GAS Fee to play DeFi! In order to demonstrate our ability to really reduce the cost of using DeFi, in the next 60 days, users will be able to use the supported DeFi protocols through layer2.finance for 100% fee-free! In addition, for the first 500 eligible users, we will also reimburse the handling fee for transferring from the Ethereum mainnet to layer2.finance.
first level titlehttps://docs.l2.finance/#/tutorial-cn
"DeFi Metro Line 1" has a happy opening, free rewards
After a successful two-week testnet operation (1972 users sent a total of more than 370,000 second-tier transactions) and the final smart contract audit report, the layer2.finance v0.1 version code-named "London" officially launched Fangzhu online. This also marks the official opening of the public transportation system "Line 1" in the DeFi world!
We have also prepared a detailed mainnet usage tutorial for users, link:
We have also prepared a detailed mainnet usage tutorial for users, link:https://docs.l2.finance/#/tutorial-en
In order to allow more new users to experience the benefits of DeFi without any threshold, we will launch a grand opening reward event within the next 60 days, and layer2.finance users will be 100% free of handling fees [Note 1]!
Some users must want to ask, what about the handling fee for transferring from L1 to L2? Although this part of the handling fee is not much higher than the ordinary ERC-20 transfer handling fee, we have not forgotten our original intention to let more people benefit from DeFi.
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From Line 1 to connecting the DeFi world backbone network
The launch of Layer2.finance v0.1 is just the beginning. Layer2.finance will adopt a community-driven agile iteration cycle to continuously develop and improve in the following two aspects.
New DeFi protocol integrations. Just like the new railway network in real life, layer2.finance will quickly integrate more DeFi protocols as the main network matures. In the near future, we plan to add support for Cream, Liquity, yEarn, DODO, Mirror, Alpha Finance, SushiSwap, Uniswap, BarnBridge, 1Inch, and we will be open to community suggestions to adjust the corresponding support priority.
Rollup core upgrade. Improvements to existing core functionality and the release of other new features often involve layer2 rollup protocol upgrades and, in some cases, user migrations. Therefore, these will be split into several iterative releases. The Layer2.finance function iteration will widely accept community opinions and be actively contributed by community developers. According to the current plan, we have the following development and function blueprints (the version numbers are sorted from the earliest cities in the world to build subway lines).
- Multi-chain support. If the community proposal is passed, layer2.finance will simultaneously support and deploy in other popular blockchains such as Binance Smart Chain and other layer2 rollup chains, and access various on-chain DeFi protocols.
- Multi-chain support. If the community proposal is passed, layer2.finance will simultaneously support and deploy in other popular blockchains such as Binance Smart Chain and other layer2 rollup chains, and access various on-chain DeFi protocols.
- Policy Risk Firewall. The strategic firewall will allow layer2.finance to quickly access newly launched DeFi and strategies, and completely isolate and control risks from other strategies.
- Policy Risk Firewall. The strategic firewall will allow layer2.finance to quickly access newly launched DeFi and strategies, and completely isolate and control risks from other strategies.
- Asset and DeFi token transfer on Layer2. Allow users to freely exchange positions without performing on-chain operations, further reducing costs and increasing speed.
- Flexible charging interface. Allows for decentralized governance and flexible control over how fees are charged.
V1.1 version number "Chicago" (Q3 2021):
- Liquidity mining. Whether, when, and how to start liquidity mining will be determined based on community feedback and suggestions.
V1.1 version number "Chicago" (Q3 2021):
- The ZK Rollup version is online. Based on a huge user base, we will explore and develop a version based on zk rollup to further increase the scale of economic benefits, thereby further reducing the cost of using DeFi for users.
- Decentralized block generation through Celer SGN. Celer's state guardian network will be connected to the rollup and act as a distributed block producing node for the second layer of blocks to ensure the stability, availability and fairness of the system, while adding a layer of high-speed security guarantee.
V2.0 version number "Paris" (Q4 2021)
- One-stop cross-chain DeFi integration through cBridge. Through Celer's cross-chain cBridge, layer2.finance will be able to integrate the multi-chain DeFi ecosystem into a single entry in a non-custodial and trustless manner. This allows users to stay in one chain while accessing the DeFi protocols of all other chains without complex fund management across multiple chains.
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Just like the public transportation system in real life, we also keep safety first in mind. Although it took only two months from the proposal to the launch, we have implemented high standards and strict requirements for the system security of layer2.finance. Although we have conducted extensive internal testing and external audits, layer2.finance is indeed a first-of-its-kind product using advanced technology that has not been attempted by anyone before. Therefore, in addition to the security measures already in place, we have imposed an additional soft limit of $1.5 million for deposits on rollups. With the gradual stabilization of the system operation and after a period of inspection, the limit will gradually increase until it is lifted.
Layer2.finance uses Celer's Optimistic Rollup architecture, and all rollup contracts are currently open source. During the initial stages of the release, we also kept an emergency management key to abort the contract in the event of any unforeseen security risk, allowing users to recover their funds. After the protocol has been running stably for a period of time, the authorization of the key will be revoked and transferred to the governance contract.
Finally, we have also started a bug bounty program (https://github.com/celer-network/layer2-finance-bugs) to encourage security researchers to help us find any potential issues early.
Through these testing, auditing and preventive security measures, and bug bounties, we hope to run layer2.finance smoothly. Regardless, we will always maintain transparent and open communication with the community.
However, even with all these efforts, it is our responsibility to ensure that users are aware of the inherent risks of new technologies before using layer2.finance, especially at the initial stage.
Layer2 rollup technology is brand new and experimental. Not only that, the rollup technology architecture proposed by Layer2.finance supports contract interaction between layer2 and layer1 using the new L2 state machine, and this interaction mode has never been used before. Appears in an application or protocol. Like all DeFi protocols, standing the test of time is the only way to determine if there are unknown risks. We hope to work with the community to pass the test of time and bring DeFi into thousands of households.
Resource Summary and Event Notes
open source code:app.l2.finance
Tutorial:https://docs.l2.finance/#/tutorial-cn
open source code:https://github.com/celer-network/layer2-finance-contracts
Audit Report:https://github.com/celer-network/layer2-finance-contracts/tree/main/audit
Note 1: In order to provide a fair and inclusive operating environment, layer2.finance may limit the account transaction rate during operation.
