How to Get Started with DeFi on Layer 2

How to Get Started with DeFi on Layer 2

Written by

Vlada

May 19, 2022

The Ethereum community is quietly giving in to the issue of ETH 2.0 adoption. Many DeFi projects are waiting for second-tier solutions, or at least good news from Vitalik Buterin.

DeFi is a great alternative to layer 1 solutions, but activating its projects can lead to unnecessary expenses, as there is still an ETH price associated with every action. 

Since the discovery of Bitcoin, Ethereum has been infected with inclusiveness and decentralisation. Until recently, anyone could be part of the industry, but the widespread adoption of Ethereum created the barriers to be a part of it. When too many people started using the EVM for swaps, staking, yield farming, lending etc., gas fees started to rise insanely. The crypto community needs DeFi developers to choose one of the discovered layer 2 solutions right now. And Pillar wallet, powered by Etherspot did that!

Here’s how to get started with the best DeFi solutions for low fees and not only in Pillar wallet.

Browsing DeFi

Integrated EVM-compatible chains allow you to interact with a large number of dApps directly from your Pillar wallet. What’s more, Pillar is WalletConnect-first, allowing you to access other services by connecting the wallet. This feature lets you choose with just one account among ETH, Gnosis, Polygon, and BNB dApps that are open in the in-app browser. The browser helps users to avoid scam urls, increases the speed of connections and streamlines the user experience.

The combination of supporting different side chains and providing access to a wide range of DeFi applications, all while lowering transaction costs, makes Pillar a perfect alternative for you to manage your DeFi investments. 

Everything is geared to give you maximum control with minimum headaches🤯❌

Navigation Issues

Navigating between L2 blockchain networks and numerous sidechain products can be complex! Bridging, swapping to other currencies, transferring your crypto between many different wallets – all takes much longer than it has to.

The engine behind the Pillar wallet is our native Etherspot, a blockchain framework SDK for building bridges between users and L2s and sidechains. Etherspot facilitates seamless and instant transactions with low-to-no gas fees—all from one wallet and address. 

Now users can deploy and manage wallets for all individual side chains, and their assets across chains, from one dashboard: the Pillar wallet.

Likewise developers can integrate Ethersot into their projects to benefit from all the cross–chain and payment channel advantages it offers. 

NFT hurdles

Buying NFTs on the Ethereum network brings cost and sustainability concerns to the masses. Currently, most NFTs are created on the Ethereum blockchain, which is expensive to use because users pay Ethereum miners to confirm their transactions. Mining itself is a very energy-intensive process, and having a chain run by mining (or Proof-of-Work) is not sustainable in the long run. 

The solution for both of these problems is to move to more modern blockchains—like Polygon—that use a Proof-of-Stake system, which has fast, free transactions and very low energy usage! 

Pillar wallet team supports eco-friendly blockchain solutions and that’s why we have recently issued our first NFT Genesis collection on Polygon. To give out some great benefits for its holders we started the Pillar Genesis NFT Hodler’s Raffle that is exclusively open to Genesis NFT owners who store them in the Pillar Wallet. In addition, after the raffle draw, not only will we reward the 5 winners of the raffle, but every entrant will receive a POAP NFT to commemorate their participation in the Pillar Genesis NFT Raffle. 

We will also reward every participant with a mini-airdrop using our newly built airdrop tool – AirdropMe.io. We’ll drop $5 worth of PLR tokens to each successful entrant! Every entrant will receive ⅓ of the entry ticket back!

Don’t miss the opportunity to participate! Fasten your seatbelts!

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