DeFi lending platform, Iron Bank announced its integration on layer-2 scaling solution, Optimism along with Yearn Finance and Homora. It will allow defi protocol to enhance cross-chain interoperability, security, and capital efficiency for their consumers.
“By launching on Optimism, we aim to make DeFi more accessible, scalable, and reliable as the protocol-to-protocol liquidity backbone,” said Puff, lead contributor to the Iron Bank.
“We’re excited about Optimism for the users who were priced out of yVaults on Ethereum,” he added. “With the additional liquidity flexibility that Iron Bank provides as a protocol-to-protocol lending partner, people can get the best risk-adjusted yield in DeFi without having to worry about high gas costs on a super fast chain.”
Optimism is one of the most used layer-2 scaling solutions on the Ethereum blockchain, allowing users to transact faster at lower gas.
Also Read: Binance Finishes Ethereum Layer 2 Network Optimism Integration
In order to provide safety to transactions, Iron Bank also mentioned its older partners Chainlink, Immunefi, and Nexus Mutual.
As several Defi protocols have been the target of exploits and hacks over the past year, the protocol disclosed the new continuous audit method for the security check.
Furthermore, the Iron Bank protocol will commence Liquidity Mining Rewards from today, and in the initial 4 weeks, around 11.5K $IB tokens will be allocated to users to flow WETH, USDC, and DAI assets on Optimism.
At the same time, Iron Bank will also offer 3.8K $IB tokens to WETH/IB liquidity providers through the pool.
