CANVAS, a leading DeFi infrastructure company, has announced the testnet launch of CANVAS Connect, a Layer 2 scaling solution for the digital economy. This solution, built in collaboration with StarkWare, allows users to complete DeFi transactions without the high and unpredictable gas costs associated with Ethereum. With CANVAS Connect, users can invest in any Ethereum L1 dApp, trade on Layer 2 without gas fees, and transfer Ethereum between wallets without gas fees.
CANVAS CEO and Co-Founder, David Lavecky, stated that their mission is to onboard the next billion people to DeFi, and they believe CANVAS Connect will revolutionize the way people transact on Layer 1 blockchains and unlock DeFi for all. CANVAS Connect is unique among Layer 2 solutions in that it offers simple integration with APIs and SDKs and eliminates surge pricing, fee tokens, liquidity islands, and minimum trade values.
StarkWare CEO, Uri Kolodny, emphasized the importance of faster, more scalable, and cheaper blockchains to unlock mass adoption. He believes CANVAS Connect L2 solves these challenges and is building the infrastructure to power the growth of natively digital global economies.
CANVAS Connect will provide access to popular Ethereum dApps such as AAVE, Compound, Balancer, Uniswap, and Yearn. It will also unlock DeFi for regulated institutions through permissioned dApps like AAVE Arc & Stakewise.
Fireblocks will be the first institutional-grade wallet infrastructure to support CANVAS Connect L2, allowing its clients to benefit from gasless access to Layer 1 Ethereum dApps and instant trades and transfers on the CANVAS Connect Layer 2 network.
CANVAS Connect will be deployed to the mainnet within 90 days after the completion of code audits. For more information, visit the CANVAS website.
CANVAS creates Layer 2 Infrastructure for DeFi with a suite of services built on ZK rollups, aiming to make DeFi accessible to the next billion people. The company was founded by successful tech entrepreneurs, David and Daniel Lavecky, who previously sold their fintech company, Pure Commerce, to Euronet Worldwide.
StarkWare is a leading company in scaling Ethereum. They have settled over $650B and over 200M transactions, serving hundreds of thousands of users. They have developed solutions that rely on Ethereum’s security and have made their cryptographic system accessible through the Cairo programming language, StarkEx scaling engine, and StarkNet Validity-Rollup.