SYDNEY, April 28, 2022 /PRNewswire/ — CANVAS, a leading DeFi and Layer 2 (L2) infrastructure company, today announced its partnership with Zero Knowledge Proofs pioneer Starkware to bring gasless transactions to leading Ethereum dApps.
The service called “CANVAS Connect”, is a layer 2 scaling solution specifically for DeFi and will leverage StarkWare’s ZK rollup StarkEx engine to solve the prohibitive gas costs incurred when accessing all dApps layer 1 (L1) on the Ethereum network.
Known as “DeFi pooling”, multiple DeFi transactions are bundled into a single proof that allows investors to “split the L1 bill” and benefit from efficient, gas-free and very low-cost transactions while continuing to benefit from the security offered by the Ethereum mainnet.
Starkware CEO, Uri Kolodny added: “DeFi’s initial values were about financial inclusion and open access. As network gas costs have risen, DeFi has turned into a game of whales. DeFi Pooling ensures it remains inclusive Retail adoption of DeFi is only possible when clients can enter and exit positions at any time without incurring significant transaction costs on their investment.”
CEO and co-founder of CANVAS, David Lavéky said: “Today, DeFi transactions on Ethereum are expensive. It’s like flying in a private jet with all gas expenses paid by one person. We see CANVAS Connect as the commercial airline that will carry in many DeFi transactions safely to their preferred destination, reducing fees for all.
We are on a mission to onboard the next billion people. We believe DeFi Pooling will revolutionize the way people transact on Layer 1 blockchains and unlock DeFi for everyone. »
CANVAS Connect will offer access to leading Ethereum dApps such as AAVE, Compound, Balancer, Uniswap, and Yearn as well as authorized dApps like AAVE Arc & Stakewise that only whitelisted KYC participants can access, unlocking DeFi for regulated institutions.
The service will launch Q2 on testnet and Mainnet in Q3.
Starware (https://starkware.co) is developing ZKP technology to solve two of the biggest problems with blockchains: scalability and privacy. With a focus on scalability, StarkWare has the fastest technology in its class to assert computational integrity through succinct, transparent, post-quantum secure evidence.
StarkWare solves the two most pressing problems with permissionless blockchains: scalability and privacy. StarkWare’s cryptographic proofs are zero-knowledge, succinct, transparent, and post-quantum secure
CLOTH (https://canvas.co) creates a Layer 2 infrastructure for DeFi with a suite of ZK rollup-based services 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 around the world.
CANVAS was founded by successful tech entrepreneurs, David and Daniel Lavecky. Their previous fintech – Pure Commerce was sold to Euronet Worldwide in 2013 and was the biggest fintech sale in Australia at the time.
Contact Starware: Nitzan Shemer-Grossman
SOURCE Digital Canvas