Top DeFi protocols and decentralized exchanges are moving fast to execute L2 scaling solutions as ETH gas fee increases rapidly.
Renowned Decentralized finance platforms such as Synthetix and Uniswap are moving towards upgrading to L2 for scaling purposes.
SNX will upgrade to the simplest version of Layer 2 by the 24th of September.
The CEO in a post explained that the first stage of L2 scaling is the "Fomalhaut" upgrade aimed at reducing gas prices for small-scale stakes. He furthered that the second upgrade (Deneb) will be implemented on the 29th of September to lower gas fees.
He concluded that he expects the hybrid approach to Layer 2 to last until the end of the year. Uniswap is also planning to improve with Uniswap V3.
The CEO stated at the beginning of the year that the upgrade would "fix everything," which means L2 may be a significant part of the upgrade.
Aave, a top Decentralized Finance protocol based on value locked, is also preparing to execute the second version of the platform aimed at decreasing transaction fees.
Source: Cointelegraph
