Unlocking DeFi with fast, gas free transactions to major Ethereum dApps.
TL;DR
- One of the biggest problems of DeFi on Ethereum are the high & unpredictable network gas costs.
- CANVAS Connect is a Layer 2 scaling solution that leverages Starkware’s ZK-Rollups to batch transactions into a single proof, abstracting gas costs from individual transactions.
- Low fees, Fast Transactions and a better UX will allow the next 1 billion users to experience DeFi as it should be.
DeFi’s big problem
One of the biggest challenges faced by DeFi on its road to mainstream adoption are the prohibitively high transaction fees that users encounter on Layer 1 (L1) blockchains like Ethereum. It’s like flying on a private jet with all gas costs paid by one individual.
Just like gas prices, fees can fluctuate wildly and make investing on L1 DeFi a risky game as users don’t have certainty for costs to enter and exit positions. In addition the fees impose a significant roadblock for mainstream adoption
DeFi pooling
Enter CANVAS Connect
Using “DeFi pooling”, multiple DeFi transactions are batched into a single proof which allows investors to ‘split the L1 bill’ and benefit from efficient, gas-less and ultra-low-cost transactions whilst continuing to have the security offered by Ethereum mainnet.
This is similar to the monumental change in the aviation industry when Airbus and Boeing introduced high capacity commercial aircraft (e.g. A380), it opened up the opportunity for the general public to benefit from low-cost, high speed air travel.
CANVAS Connect is on a mission to be the leading airline, offering users cheap flights to the most popular DeFi destinations on L1 Ethereum.
How does CANVAS Connect work?
CANVAS Connect will leverage StarkEx — Starkware’s ZK-Rollup technology, and aims to solve one of the largest economic challenges of Ethereum — prohibitively high transaction fees.
The goal of CANVAS Connect is not only to make DeFi accessible in terms of gas cost but to make investing into DeFi easy and intuitive for non-technical users.
Three steps to start investing into DeFi:
- Connect your wallet
- Transfer digital assets from L1 or Deposit fiat directly to L2 (soon)
- Choose from a range of DeFi destinations
Fast & Low Cost. How DeFi Should Be.
Conclusion
Simplified user experience and transaction costs have been a problem for DeFi since it gained traction. Mainstream adoption will remain impossible until these roadblocks have been eliminated. Over recent years several L2 solutions have been developed to tackle these problems and with CANVAS Connect DeFi will become more accessible and easy to use for the next 1 Billion users.
Easy, inclusive, and direct access to DeFi for all.
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 is to bring the next Billion people to DeFi.
Learn More
Twitter https://twitter.com/canvas_defi/
