CANVAS Launches Layer 2 Scaling Solution for Gasless DeFi Transactions on Ethereum Testnet

CANVAS Connect will eliminate the need to pay prohibitively high gas costs when accessing Layer 1 dApps on the Ethereum network

SYDNEY, Oct. 27, 2022 /PRNewswire-PRWeb/ — CANVAS, a leading DeFi infrastructure company, is excited to announce the testnet launch of CANVAS Connect, the Layer 2 scaling solution built for the digital economy.

CANVAS Connect was built in collaboration with StarkWare. The service will allow users to complete DeFi transactions without paying the prohibitively high and unpredictable gas costs whilst still benefiting from Ethereum security. Transaction types include:

• Investing – Any dollar amount into any Ethereum L1 dApp.
• Trading – A new way to buy/sell/trade on Layer 2 without any gas fees.
• Transfers (payments) – Instantly transfer Ethereum from one wallet to another without any gas fees.

“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,” said CANVAS CEO and Co-Founder, David Lavecky.

CANVAS Connect is unique amongst L2’s in that there’s no surge pricing, no fee token, no liquidity islands, no minimum trade values, and offers simple integration with APIs and SDKs. “Blockchains need to be faster, more scalable, and cheaper to unlock mass adoption,” said StarkWare CEO, Uri Kolodny. “Canvas Connect L2 solves the challenges to support the next billion people to DeFi. The future of global economies are natively digital and Canvas Connect is building the infrastructure to power this growth.”

CANVAS Connect will offer access to leading 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 be the first institutional grade wallet infrastructure to natively support CANVAS Connect L2, enabling all Fireblocks clients to benefit from gasless access to all Layer 1 Ethereum dApps as well as instant trades & transfers on the CANVAS Connect Layer 2 network.

Following the successful launch on testnet, CANVAS Connect will be deployed to mainnet in less then 90 days after completion of code audits.

For more information about CANVAS Connect please visit our website: http://www.CANVAS.co

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About CANVAS
CANVAS creates Layer 2 Infrastructure for DeFi with a suite of services built on ZK rollups to access DeFi destinations cheaply, easily, and securely.

CANVAS’ mission is to onboard the next billion people to DeFi, both permissioned and permissionless. Current clients include Financial institutions, Hedge funds, Fund Managers and High Net Worth individuals from around the world.

CANVAS was founded by successful tech entrepreneurs, David and Daniel Lavecky. Their previous fintech – Pure Commerce was sold to Euronet Worldwide (Nasdaq: EEFT) in 2013 and was the largest Fintech sale in Australia at the time.

About StarkWare
StarkWare is leading the way in scaling Ethereum. The company pioneered the STARK proof and made this groundbreaking cryptographic system accessible through Cairo programming language, ,StarkEx scaling enging, and StarkNet Validity-Rollup. StarkWare’s solutions rely on Ethereum‘s security, and have settled over $650B, and over 200M transactions, and more than 65M NFTs, serving hundreds of thousands of users.

About Fireblocks
Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks enables exchanges, lending desks, custodians, banks, trading desks, and hedge funds to securely scale digital asset operations through the Fireblocks Network and MPC-based Wallet Infrastructure. Fireblocks serves over 1300 clients, has secured the transfer of over $2 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit.

Media Contact

Marcelina Horrillo, CANVAS Blockchain Group, 34 603 57 46 45, marcelina@elkordyglobal.com

SOURCE CANVAS Blockchain Group