Introduction: The Linea Voyage is now entering its eighth week, and this week's focus is on decentralized finance (DeFi). As one of the most significant use cases of web3, DeFi plays a vital role in transforming the financial landscape. However, scalability challenges have hindered its widespread adoption on Ethereum. In this blog post, we will delve into the importance of Layer 2 (L2) solutions for DeFi and highlight the exciting activities planned for participants during this final on-chain week of the Linea Voyage.
DeFi and the Need for Scalability: Decentralized finance has emerged as a key driver in the web3 ecosystem, with a staggering $45.11 billion locked in DeFi protocols. While Ethereum remains dominant in the DeFi space, its scalability limitations, such as low throughput and high gas fees during peak activity, have posed challenges to user adoption. This is where Layer 2 solutions come into play.
The Role of Layer 2s in DeFi: Layer 2 solutions offer a promising solution to Ethereum's scalability issues. These secondary blockchains built on top of the Ethereum main chain alleviate the data processing burden by offloading certain operations to L2s. By doing so, the main chain's capacity increases, leading to lower transaction fees and enhanced scalability. This makes Layer 2s pivotal for the growth and usability of DeFi applications.
Exploring DeFi with Linea Voyage Partners: During this DeFi-themed week, participants in the Linea Voyage will have the opportunity to engage with 24 esteemed partners who are revolutionizing the DeFi landscape. The partners for this week include Cashmere, Izumi Finance, zkUSD, Squid, PancakeSwap, Mendi Finance, Gridex, dForce, Fluvi, MES Protocol, Particle Network, SushiSwap, Compound, KyberSwap, zkEX, Symbiosis, Velocore, Mimo Labs, OpenOcean, MetalSwap, Airswap, and NoobySwap.
Exciting DeFi Activities and Tasks: Throughout the week, participants will be able to immerse themselves in various DeFi activities. These include swapping tokens on decentralized applications (dapps) provided by our partners. You can explore borrowing USDC with ETH collateral on Compound, test volatility hedging on MetalSwap, experience PancakeSwap V3 on Linea, make swaps on Uniswap, perform cross-chain swaps on Cashmere, and much more.
Introducing Account Abstraction: We are thrilled to announce that participants will also have the opportunity to test account abstraction, a highly sought-after feature in the crypto ecosystem. This feature can be experienced through Fluvi wallets on popular dapps such as Compound, PancakeSwap, Velocore, and SushiSwap. Make sure to refer to the tutorials to fully leverage this exciting feature.
Extended Duration and Claiming Points: To allow participants ample time to complete the DeFi tasks, the campaign will run for ten days instead of the usual five. Activities will commence on June 26th, 2023, at 9 am EST and conclude on July 4th, 2023, at 11:59 pm EST. Participants will have until July 5th, 2023, at 11:59 pm EST to claim their points, provided that the activities are completed by the July 2nd deadline.
Appreciation for Participant Engagement: The Linea Voyage has witnessed an exceptional level of participation over the past seven weeks, with over 75 million page views and a strong following on Galxe, exceeding 300,000 followers. We express our gratitude to each participant for their contribution, as your feedback and engagement are invaluable in shaping the Line
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