Venus Protocol expands DeFi services to Optimism network

Venus Protocol, a decentralized finance (DeFi) lending platform, has expanded its services to the Optimism Network as part of its multi-chain strategy. 

This deployment introduces Venus' lending and borrowing services to one of Ethereum’s (CRYPTO:ETH) Layer 2 solutions, offering users access to five key markets: WBTC (CRYPTO:WBTC), WETH (CRYPTO:WETH), USDT (CRYPTO:USDT), USDC (CRYPTO:USDC), and OP (CRYPTO:OP). 

The move aims to leverage Optimism’s low-cost, high-speed transaction capabilities to provide a more efficient DeFi experience for users. 

Brad Harrison, Head of Venus Labs, highlighted that the expansion to Optimism aligns with the protocol’s mission to enhance DeFi accessibility and reduce transaction costs. 

“Expanding to Optimism is a natural progression for Venus Protocol,” he said. 

Venus’ inclusion in Optimism’s Retro Funding initiative, which has allocated 850 million OP tokens to developers and contributors, adds further opportunities for growth. 

With this deployment, Venus Protocol users will benefit from improved transaction speeds and access to the Optimism ecosystem, which has a Total Value Locked (TVL) of over $650 million. 

The expansion also ensures compatibility with existing Ethereum infrastructure for a smooth user experience. 

Additionally, Venus Protocol has plans to introduce its Venus Prime program on Optimism, providing dedicated users with added benefits. 

This expansion is part of Venus Protocol’s broader effort to make its services available across various blockchain ecosystems, including Ethereum, Arbitrum (CRYPTO:ARB), and BNB Chain (CRYPTO:BNB). 

At the time of writing, the Optimism price was $1.75.