Ethereum Users Flock to Optimism for Aave Liquidity Mining Launch

Ethereum Users Flock To Optimism For Aave Liquidity Mining Launch

Key Takeaways

OP token liquidity mining is now energetic on the Optimism model of Aave.
For the reason that replace went dwell, deposits to Aave on Optimism have elevated 493%.
The liquidity mining program has additionally helped push Optimism’s complete worth locked as much as over $1.5 billion.

Ethereum Users Flock To Optimism For Aave Liquidity Mining Launch

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Ethereum Users Flock To Optimism For Aave Liquidity Mining Launch

A brand new liquidity mining program on Aave has helped push the overall worth locked in Optimism above $1.5 billion. 

Ethereum Users Flock To Optimism For Aave Liquidity Mining Launch

Optimism Launches Liquidity Mining on Aave 

Optimism has launched one other spherical of token rewards.

Ethereum Users Flock To Optimism For Aave Liquidity Mining Launch

The Ethereum Layer 2 community introduced the beginning of its newest liquidity mining program Thursday, a part of what the chain is looking “OP Summer time.” The mission has allotted 5 million OP tokens to DeFi lending big Aave for distribution to its customers over the following 90 days. 

Ethereum Users Flock To Optimism For Aave Liquidity Mining Launch

For the reason that replace went dwell, customers have bridged tons of of hundreds of thousands of {dollars} of tokens to Optimism and deposited them into Aave to earn further OP tokens. In line with information from Defi Llama, Aave deposits on the Layer 2 community have elevated 493% over the previous 24 hours. At press time, Aave V3 on Optimism has slightly below $420 million price of property locked in its good contracts. 

Whereas the Aave liquidity mining program is the most important on Optimism to date, it isn’t the primary. For the reason that Ethereum rollup launched its native OP governance token in Could, a number of different have begun distributing incentives. Amongst them are the automated market maker Velodrome, the decentralized swaps app Perpetual Protocol, and the sports activities betting app Additional time

Due to its OP token incentives, Optimism has considerably elevated its person base and the overall worth of property locked in good contracts on the chain. In line with L2Beat information, the community’s complete worth locked, excluding its native OP token, has elevated 63% because the OP token launched on Could 31. Extra lately, the beginning of Aave liquidity mining has pushed the overall worth locked up a further 27%. Optimism at present holds roughly $1.51 billion in complete worth locked, trailing solely Arbitrum’s $2.48 billion within the Layer 2 race. 

Optimism complete worth locked (Supply: L2Beat)

Optimism is likely one of the main Layer 2 initiatives working to scale Ethereum. It makes use of Optimistic Rollups to bundle transactions collectively and ship them again to Ethereum mainnet for affirmation. Rollups like Optimism supply customers substantial fuel financial savings in comparison with transacting on mainnet. For instance, L2 Charges information reveals that the present value to swap tokens on Optimism prices $0.36 in comparison with $6.49 on Ethereum. 

Disclosure: On the time of scripting this piece, the creator owned ETH and a number of other different cryptocurrencies. 

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