Iron Bank, Yearn Finance Join Layer 2 Protocol Optimism

Iron Bank – aggregate lending solution developed by Yearn Finance and DeFi Andre Cronje chose to implement the protocol on Optimism.

Iron Bank lending and borrowing platform joins the layer-2 Optimism network to promote cross-chain capabilities and enhance security and capital efficiency for users.

Optimism users can now borrow/lend their crypto assets while benefiting from competitive gas fees, attractive rewards, and other attractive profit options.

“By launching on Optimism, we aim to make DeFi more accessible, scalable, and reliable as the protocol-to-protocol liquidity backbone.”

Iron Bank will initially reward those who participate in providing WETH, USDC, and DAI liquidity on the platform, with approximately 11,500 IB tokens distributed over the next month.

In addition, Iron Bank initiated a bug bounty campaign with ImmuneFI and Nexus Mutual, focusing on detecting and preventing potential bugs in users’ assets.

DeFi projects are shifting from Ethereum to layer-2 solutions because of expensive gas fees. Optimism has become one of the most popular layer-2 due to its fast transaction speed and cheaper gas fees.

With Chainlink, the DeFi firm has also begun delivering a decentralized pricing oracle, a trusted third party that provides data from outside sources to a blockchain.

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