Resonate Announces Support for Optimism Ecosystem
Let’s finish up our announcements for today on the right foot: with the assistance of the Foundation, we’re excited to announce that we will be live on Optimism at launch!
What is Optimism?
To put it simply, Optimism is Ethereum scaled.
Optimism is a fast, stable, and scalable L2 blockchain built by Ethereum developers, for Ethereum developers. Built as a minimal extension to existing Ethereum software, Optimism’s EVM-equivalent architecture scales Ethereum applications. If it works on Ethereum, it works on Optimism at a fraction of the cost.
How does Optimism work?
Optimism is designed to extend the throughput of Ethereum’s base layer. It reduces computation on the main Ethereum chain by processing transactions off-chain, offering significant improvements in processing speeds. Unlike other scaling solutions, such as sidechains, optimistic rollups derive security from Mainnet by publishing transaction results on-chain, or plasma chains, which also verify transactions on Ethereum with fraud proofs, but store transaction data elsewhere.
Why Optimism?
Optimism has seen undeniable success in securing its spot at the forefronts of the L2 race, amassing over $1.4B in TVL at the time of writing. By combining forces, we’ll be far better suited to providing our services to a wider audience in DeFi moving into the future. This is a key step, and we’ll continue to expand our foothold within DeFi and display the strength of the truly chain agnostic protocol that is Resonate.
What’s to come?
To kick off our launch here, the very first Resonate pool on Optimism will be hosted by Velodrome Finance!
Velodrome Finance has committed to initially deploying 1 million VELO to their first Resonate pool. They will be offering a 5% upfront bribe to lock VELO/USDC LPs for 1 month (60% APR!). This is projected to catalyze an increase of $450,000 in TVL.
Obviously, this will require our support-layer protocol, the Revest Protocol, to also launch on Optimism. Standby for more on this…
Timeline
- Optimism network integration 🏁
- Resonate listed on Optimism Ecosystem Portal 🏁
- Resonate x Optimism AMA ⏳
- More partnerships & integrations! ⏳
About Resonate
Resonate is a Yield Futures Protocol developed by Revest Finance and built on top of Revest’s Financial NFT (FNFT) technology. Using Resonate, we’re able to separate the principal and interest components of a position by issuing two FNFTs; one containing the principal and the other containing the rights to future interest on that principal. Resonate facilitates the commerce of the rights to future interest by matching issuers (who want to sell their interest rights for a one-time upfront payment), and purchasers (who want to buy the rights to future interest for a one-time upfront payment).
About Revest Finance
The Revest Protocol offers a revolutionary new use of NFTs as financial tools through the Financial Non-Fungible Token (FNFT). Individual and enterprise-level users can deposit any ERC-20 or ERC-721 into Revest’s interactive FNFTs and set custom unlocking conditions (time, value, or contract-based). Revest allows the tokenization of all non-fungible financial positions with non-fungible tokens. This simple turn-key solution offers elegant applications ranging from token vesting to cutting-edge implications for derivative and borrowing/lending platforms. Revest’s flagship product, Resonate, is underpinned, fundamentally, by this innovative technology.