Opera’s Integration With DeversiFi Brings DeFi Functionality To Millions Of Users
Opera has announced its integration with DeversiFi, a StarkWare-powered solution. The integration will make Opera for Android the first mobile browser that will also feature an Ethereum Layer-2 wallet.
The integration will open the doors to Decentralized Finance to millions of Opera users.
DeFi’s Burgeoning Popularity
Opera’s integration with DeversiFi will bring Decentralized Finance functionality to Opera users, allowing them to access low-cost and near-instant transactions without requiring any personal data thanks to DeversiFi’s decentralized exchange. The integration comes at a time when Decentralized Finance has seen exponential growth in popularity.
This, combined with the growth of NFTs, has resulted in significantly higher transaction fees on Ethereum. Opera’s integration with a layer-2 scaling solution, thanks to its partnership with DeversiFi, allows Opera users to send and receive ETH quicker and cheaper through p2p transactions, coupled with a Layer-2 swapping feature.
Speaking about the integration with Opera, co-founder, and CEO of DeversiFi, will Harborne stated,
“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 revolutionizing the blockchain industry, and we are proud to be working with Opera to bring our frictionless, low-cost gas-free trading solution, combined with StarkEx’s scalability benefits, to their millions of users. Integrating our DeFi infrastructure in this way is just the start and is tipping the scales of mainstream adoption of Layer 2.”
The StarkEx Scalability Engine
DeversiFi uses StarkWare’s StarkEx scalability engine, making transactions done through layer 2 solutions near-instant and almost a hundred times cheaper than those done through Ethereum layer 1. The integration allows Opera to eliminate unreasonably high transaction fees while introducing its users to instant trading.
Making Crypto Mainstream
Opera is at the vanguard of bringing crypto to the masses and making it mainstream, and this move is perfectly in line with Opera’s current strategy. Back in 2018, Opera had introduced the first browser with a built-in crypto wallet and decentralized application (dApp) explorer. It also integrated several other blockchains such as Bitcoin and Celo, allowing it to introduce fiat-to-crypto-on-ramps into the browser and bringing crypto to both its iOS and desktop browser.
Opera also conducted the beta launch of its Crypto Browser project, a Web 3 browsing experience that will also integrate layer-2 solutions.
Talking about Opera’s plans, Opera’s EVP Mobile, Jurgen Arnesen stated,
“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,”
Collaboration With Gateway.fm
The integration between Opera and DevesiFi was made possible thanks to a collaboration with Gateway.fm. Gateway.fm led the integration, enabling Opera to complete it sooner than expected by simply building upon DeversiFi’s existing infrastructure, providing markets and liquidity.
Understanding Layer 2
Layer 2 refers to solutions that help to speed up transactions and significantly lower transaction costs, lowering the barrier for entry for users. Current Layer-2 solutions handle transactions off Ethereum’s mainnet while leveraging its settlement and security model.