Canvas Connect brings the 🌎 gasless DeFi on Ethereum L1
Invest, Trade & Transfer — no gas, no surge pricing. All major L1 dApps
TLDR:
- L2 scaling for the digital economy.
- Built in partnership with Starkware.
- It’s Ethereum L1 but better — Any dollar amount into any Ethereum L1 dApp with no gas and total eth security.
- Invest — Access your favourite Ethereum L1 dApp with no gas.
- Trade — A new way to buy/sell/trade any digital assets and stablecoins on layer 2 without the gas fees.
- Transfers (payments) — Instantly transfer from one wallet to another without the gas fees.
- 90 days to Mainnet.
CANVAS is excited to announce CANVAS Connect — the L2 scaling solution built from the ground up for DeFi, is now landing on Testnet.
CANVAS Connect enables users to instantly invest, trade and transfer to and from any DeFi destination without gas fees or tokens.
At CANVAS, we are on a mission to onboard the next billion people to DeFi. We believe CANVAS Connect will revolutionise the way people transact on Layer 1 Blockchains and unlock DeFi for all.
What problem does CANVAS Connect solve?
The failure of CeFi and Tradfi — not on-chain
The reality is that DeFi is not ready for mass adoption by the next 1 billion people.
With current systems it is technically too hard to use DeFI directly. To combat this, the market response was centralized CeFi companies like Voyager and Celsius. We all know the issues our industry faced with these companies with many investors losing everything when the CeFi companies paused withdrawals and went bankrupt. These companies were taking user deposits and putting them into a black box with no transparency — it took DeFi off chain.
With on-chain DeFi, the investor is in complete control. Autonomous DeFi destinations like AAVE and Compound and Ribbon have proven they can withstand multiple market crashes. This is because the platform always maintains escrow of collateral, so the loan is always solvent or immediately liquidated before it is insolvent, there is no counterparty credit risk.
CANVAS Connect allows traditional Web2 businesses to easily integrate into DeFi destinations, without having to trust any centralized or off-chain activity. We provide an easy, quick and secure solution for any Web2 business to gain all the benefits and security of DeFi without any centralized counterparty risk.
We are creating a transparent financial platform that makes it easier, cheaper and safer for anyone to directly transact with DeFi on Ethereum.
Issues with L1
Metcalfes’ law also applies to L1s — the larger the ecosystem on a blockchain, the more value it has. Ethereum is the largest smart contract L1 — It has the most number of dApps, , largest TVL and volumes, meaning it contains the biggest opportunities and best prices. Unfortunately the issue with Eth L1 transactions is that they are expensive, making it cost prohibitive to most investors.
When you are first entering DeFi and trying to understand how the industry works, you might only want to invest a small amount of your total portfolio. The gas fees for a single trade can be hundreds of dollars (in and out) , which discourages people to transact on the Ethereum network unless you have significant capital to deploy. Which is the opposite of the egalitarian nature that blockchain was founded.
In addition, it’s common in other L2s to require a token to pay for transactions, so you can’t spend the whole balance of your wallet. This is problematic because transactions can fail because you have insufficient funds. This fee structure is not transparent and you may not know the cost of the token fees until you have loaded up the trade.
Another challenge is surge pricing. No one likes surge pricing on Uber when rides cost more just because a lot of people want a ride at the same time. The same applies to Ethereum and even other L2s (polygon, optimism, and arbitrum) where if a lot of people want to have their transactions written to the blockchain, those willing to pay higher gas fees go to the front of the queue. Once again, this is not conducive to an open financial system built for all.
Enter CANVAS Connect — with flights operating to and from all major DeFi destinations
CANVAS Connect is a Layer 2 scaling solution built for the digital economy. We are delighted that our L2 is helping onboard the next billion people to DeFi by making it accessible to a broader range of investors.
Our L2 is completely gas-less, enabling you to trade as little or as much as you want. And that is not the only benefit for users. CANVAS Connect transactions have no Fee Token so you can spend the entire balance of your wallet.
For our initial launch we are rolling out three key functions that we believe are the most essential for DeFi transactions. These are:
- Invest — Any dollar amount into any Ethereum L1 dApp with no gas.
- Trade — A new way to buy/sell/trade on Layer 2 without the gas fees.
- Transfers (payments) — Instantly transfer from one wallet to another without the gas fees.
CANVAS Connect operate flights to and from all major DeFi destinations
What are the benefits of CANVAS Connect?
- No Gas Fees
- No Surge Pricing
- No minimum trade value — Send $5 to AAVE
- Access all your favourite L1 Dapps on Ethereum
- No islands of liquidity like on other L2s
- No Fee Token, spend the entire amount in your wallet.
- Secured by Ethereum & ZK Starks
- Simple integration with API’s and SDK’s
Our Flight Path
Welcome on-board
The current method of L1 trading is just like flying on a private jet to your favourite destination. You alone are responsible for paying for fuel, staff, maintenance and all the other fees associated with flying. Plus, at times of high demand, like at holiday time, ticket prices go through the roof. That’s why most of us travel on a commercial airline, where costs are shared by all.
CANVAS Connect applies this same principle and creates L2 flights that are shared by several passengers to take you to any DeFi destination on Ethereum. This means that you and anyone else on the DeFi flight pay no gas fees when you Invest.
We can’t wait to have you on-board.
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 is on a mission to bring the next billion people to DeFi.
Learn More
Twitter https://twitter.com/canvas_defi/
