- DeBank’s “Asset Layer for Social” blockchain looks to tackle costly transaction fees and protect first layer assets on EVM-compliant chains.
- The DeFi aggregator said its chain will implement computation abstraction at the chain level to offer users a web2-like experience.
- DeBank built the testnet and upcoming mainnet using the OP stack, the blockchain infrastructure developed by Optimism and hired by Coinbase for its L2 network base.
DeBank cryptocurrency portfolio tracker has released a file testnet blockchain on Friday ahead of the network’s expected mainnet launch next year in 2024.
The so-called “social network asset layer” aims to address three concerns posed by DeFi participants regarding transaction costs, user experience, and asset integrity on first-layer blockchains.
The specially designed consensus mechanism will help reduce gas fees by 400 times the usual cost on other Ethereum Virtual Machine (EVM) consensus chains, DeBank He said. The chain is also built using Optimism’s OP stack, a blockchain architecture developed by an Ethereum scaling solution that lowers transaction fees without compromising network security.
The network hopes to offer users a web2-like experience, using Ethereum updates like Account Abstraction to carry out seamless activities across EVM standards-compliant networks. DeBank also announced a private key signing feature designed to protect assets.
The new account system supports transactions signed with a dedicated L2 private key, which reduces the use of L1 private keys in social scenarios and enhances the security of users’ L1 assets.
DeBank, Coinbase, and Mantle Opt for OP Stack
DeBank is the latest DeFi operator to adopt the OP stack’s optimism for its blockchain solution. In fact, the OP stack has become popular among service providers looking to build tools that offer cheap cross-chain transactions at scale.
Base, the Layer 2 network powered by Coinbase for the crypto exchange, has also built its recently launched mainnet using the Optimism developer kit. Users wired nearly $170 million worth of Ethereum cryptocurrency to Base less than 24 hours after the network launched.
Other decentralized networks like Mantle and OpBNB have also chosen OP stacks for their chains.