Connect Financial, an innovative cryptocurrency financial platform, announces today the successful completion of their L2 Arbitrum migration and launches its full capabilities on the Connect Financial ecosystem.
Connect Financial combines both DeFi and CeFi technologies within their platform where people worldwide can borrow, save, earn and trade their digital assets. Connect strives to harmoniously join digital assets to everyday lives and give customers financial control, flexibility, and autonomy.
The growth experienced in DeFi has been unprecedented in 2020 and 2021, fuelled by financial services for underbanked users, stable coin adoption, and remarkable innovation. DeFi radically changes the way we use financial instruments, promoting equal opportunities and unprecedented economic growth. More and more customer-facing Fintechs and other online-centric verticals have been implementing crypto at a tremendous rate, targeting it to a more tangible state in people’s everyday lives. Currently, the amount of cryptocurrency held in DeFi globally has grown by over 40,000% since November 2018.
High gas fees and slow transaction times on the Ethereum network have occurred as a result of this DeFi growth and adoption. Many DeFi projects are diligently working to solve this poor experience and be well prepared for the continuous growth expected in the industry. Currently, this decentralized finance sector only represents 0.1% of its maximum potential – syncing with leading technologies and expanding past just the Ethereum network is essential.
Layer 2 projects like Arbitrum will quickly become the robust solutions for the Ethereum scalability confrontation. Leveraging L2 rollup technology allows Connect Financial to ensure its users experience more efficient and cost-saving transactions while still obtaining L1 premium security.
Arbitrum, founded by OffChain Labs, is the first proper Layer 2 solution for the Ethereum network with the Ethereum Virtual Machine (EVM) at the bytecode level. Arbitrum uses rollups to beat the Ethereum network congestion. It attempts to remove the requirement for zero-knowledge proofs and instead assumes each transaction is correct. The platform then leverages Ethereum to ensure the results of these transactions are accurate. Through this functionality, the chain can reduce fees.
Connect Financial understands the essential nature to leverage modern technologies for the success of their products, service and overall customer engagement and satisfaction. To date, Connect has already implemented and fully supports Polygon, Solana and the Ethereum network technology. The addition of Arbitrum, quickly becoming Connect’s preferred L2, further expands their networking bridge options to their valued customers.
Connect Financial continuously looks for more experienced-centric value opportunities to bring to their customers – ensuring every transaction and engagement of digital assets is swift and secure. Users in the Connect ecosystem can avoid the higher Ethereum gas prices and traditional delays. Purchasing CNFI tokens on uniswap, depositing CNFI into a Connect account for membership or into a collateral wallet to unlock borrow and earn products now presents users with multiple networks for a premium depositing experience.