Hundred Finance Launches on Optimism
Hundred Finance is pleased to announce that it now has a chain deployment for six out of seven days of the week. Our devs won’t be resting on the seventh though..
Today, our dApp will have its sixth multichain deployment, going live on Optimism, one of the fastest, lowest cost and most secure Ethereum scaling solutions out there!
Optimism: An Introduction
Optimism is a Layer 2 scaling solution for Ethereum that is able to support the use of all of Ethereum’s dApps at a fraction of the cost. Instead of running all computation and data on the Ethereum network, Optimism puts only transaction data on-chain while running the computation off-chain, vastly increasing transactions per second and decreasing fees. Tests have shown a 143x decrease in transaction fees on complex applications such as Synthetix and up to a 100x decrease on Uniswap.* What is more, since transaction data remains on the Ethereum network, this scaling solution does not sacrifice Ethereum’s decentralization or security for the sake of scalability.
Hundred Finance users have access to the Optimism ecosystem simply by loading their browser wallet with the correct RPC settings and sending enough ETH to their wallet to pay for transaction fees. We are very excited to see our community dive in and start exploring the fledgling Optimism ecosystem, especially those that they’re able to interact with through assets borrowed at the incredible rates offered by Hundred Finance!
Assets can be easily bridged over using a variety of applications listed within our documents. As for HND itself, the token’s Optimism version has now been incorporated within Multichain and cross-chain transfers through the application are now available.
Optimism HND Emissions and Liquidity
On Thursday, March 10th, at 00:00 am UTC, we will begin our Optimism liquidity incentive program and start rewarding all those who supply select assets to the platform and stake. As always, these rewards will be emitted specifically to those who lend stablecoins, in Optimism’s case these are DAI, USDC and USDT.
The distribution of emissions across these three markets will initially be set at a combined 30,000 HND per week. After the first week their distribution across the gauges will move from being equal to being subject to veHND token voting, with the 30k HND week figure potentially being adjusted following the conclusion of the first two epochs. HND holders will be free to stake their HND token rewards for veHND and use these to vote where HND rewards go, all the while simultaneously boosting their APRs on the relevant assets.
In order to provide liquidity of Optimism, the team will be creating a Uniswap pool. HND holders will be free to contribute to this pool or create their own, earning fees in the process.
Conclusion
Hundred Finance’s launch across six chains delivers our product to a new raft of users, providing them a means of carrying out financial activities efficiently, economically and securely. We are incredibly happy to be one of the first major lending and borrowing protocols on Optimism, and intend using our network of affiliates to make waves there. Going forward, there remain many further networks we wish to explore and on which we shall soon also offer our services. Be sure to follow the project for announcements as we continue our journey towards 100 chains.
