Can Layer 2 DeBank Chain Create New Breakthroughs?
According to a recent release, the famous on-chain data analytics platform DeBank has unexpectedly announced the creation of its own layer-2 solution, DeBank Chain, with the goal of becoming an asset class for the Web3 social networking trend.
So will this new solution attract the community? Let’s find out with Coincu through this article.
What is DeBank?
DeBank has established itself as a premier platform for monitoring and managing one’s DeFi portfolio, offering comprehensive data and analytics spanning decentralized lending protocols, stablecoins, margin trading platforms, and Decentralized Exchanges (DEXs). Now, with the launch of DeBank Chain, the protocol is poised to take its capabilities to a whole new level.
At its core, DeBank Chain serves as an Asset Layer for Social, setting a new benchmark for integrating financial insights and community engagement. The platform’s previous success lies in its ability to track over 1,000 protocols across 35 diverse blockchains. This wealth of data provides users with a holistic view of their investments, including held tokens, liquidity positions, outstanding loans, debts, and on-chain yield rewards.
One of the standout features of DeBank’s offerings has been its user-friendly interface, which sets it apart as a social networking hub tailored for crypto enthusiasts. Unlike other platforms, DeBank prioritizes simplicity and accessibility, making it an ideal space for individuals navigating the complex world of cryptocurrency.
The protocol has seamlessly integrated numerous DeFi protocols across prominent chains like Ethereum, Binance Smart Chain, Polygon, Avalanche, Fantom, and more. This cross-chain compatibility ensures users can access a wide array of opportunities while managing their portfolios effectively.
DeBank’s journey hasn’t gone unnoticed within the investment landscape either. In a funding round that concluded at the close of 2021, the protocol secured a remarkable $25 million. Leading the charge was Sequoia, a renowned venture capital firm, along with participation from industry giants such as Circle, Coinbase Ventures, Crypto.com, Dragonfly Capital, and Hash Global.
While DeBank’s prowess primarily lies in DeFi tracking and social networking, the protocol doesn’t stop there. It offers a diverse range of services, including Bundles, NFTs, Tokens, Web3 Social Ranking, Official Account Ranking, Web3 Badges, and Reward Activities. This multifaceted approach positions DeBank as more than just a tracker—it’s an all-encompassing ecosystem for crypto enthusiasts.
DeBank Chain
The landmark moment arrived on August 11, 2023, as DeBank unveiled its game-changing product, DeBank Chain, to the community. This innovation, built on Optimism’s OP Stack technology, strives to redefine the concept of social asset management. With aspirations of becoming an integral part of the future’s Superchain, DeBank Chain is a testament to the protocol’s commitment to innovation and excellence.
DeBank’s on-chain platform has outlined its strategic focus on three pivotal aspects:
- Revamped Gas Fee Structure: One of the core aims of DeBank is to drastically reduce gas fees, aiming for levels that are 100 to 400 times lower than those experienced on the Ethereum network.
- Enhanced Account Abstraction: DeBank is setting its sights on implementing Account Abstraction from the ground up while preserving the familiar Ethereum Virtual Machine (EVM) standard.
- Secured Asset Transfers: DeBank intends to facilitate the secure transfer of assets from Ethereum through a novel approach. This involves supporting layer-2 transactions signed with the user’s private key, significantly reducing the necessity of utilizing the private key on the layer-1 mainnet.
For enthusiasts keen on testing the DeBank Chain testnet, the process involves installing the Rabby wallet and procuring gas tokens from the designated faucet.
Specifically, DeBank Chain has made significant progress in optimizing the consensus mechanism, and the gas cost of a single transaction can be reduced by 100 to 400 times. Officials also said.
In terms of bringing a next-generation level of user experience, the chain provides an account abstraction system similar to the chain level and integrates it natively. This allows users to enjoy a near-Web2 experience while remaining 100% compliant with the EVM standard.
In the new account system, transactions support the use of exclusive L2 private keys for signatures, which reduces the use of L1 private keys in usage scenarios and enhances the security of users’ L1 assets. This also provides a basis for users to perform more frequent operations.
Developers believe that this feature fully adapts to the high-frequency nature of social interactions within our platform.
It’s worth noting that DeBank’s official announcement did not delve into the issuance of a distinct token for its layer-2 solution. Furthermore, the criteria for qualifying for the potential airdrop remain undisclosed.
In a broader context, the realm of layer-2 solutions is gaining momentum. Notably, Zora, an NFT platform, also embraced the potential of Optimism’s OP Stack technology as a layer-2 solution, a move that echoes the footsteps of both Base and DeBank Chain.
Why is this Layer 2 potential?
It is clear that DeBank Chain is the first Wealth Management platform based not just on Optimism’s OP Stack technology, but also on Layer 2. This establishes DeBank as a leader within Property Management, which is contested by many other initiatives and obviously requires something unique for a project to prosper. DeBank opted to construct Layer 2.
By becoming Layer 2, DeBank will be able to turn each protocol into an ecosystem in which multiple protocols will be established using DeBank’s available resources in terms of people, technology, data, etc.
Moreover, DeBank includes totally new components and experiences for users with projects created on the DeBank Chain in terms of lending, borrowing, farming, trading, and so on. This assists DeBank in expanding the file for its users. This piece, however, did not exist in the initial DeBank Chain introductory article.
According to Dune statistics, DeBank has nearly 230,000 registered customers on its Ethereum Layer 2 network. This is a great figure for the next stage of growth.
Moreover, the site is teasing a user airdrop (not yet officially announced). The introduction of DeBank Chain is also a belief for people who are practicing DeBank Chain retroactively. During the present downturn, participating in airdrops and testnets and experiencing future projects without tokens, among other things, may help users keep up with the market and attract new users.
Conclusion
DeBank is the most notable initiative in the Portfolio because of its distinct characteristics.
DeBank Chain represents a watershed moment in DeBank’s medium to long-term growth. While DeBank is free to use, it is possible that if DeBank releases a governance token, a part of it will be allocated to DeBank users with good ratings.
So, in addition to the advantages offered by DeBank, it is these user groups that will entice regular customers to utilize it. Thus, if you’re a DeFi user, don’t forget to create an account on DeBank.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Author
Knowledge
Can Layer 2 DeBank Chain Create New Breakthroughs?
According to a recent release, the famous on-chain data analytics platform DeBank has unexpectedly announced the creation of its own layer-2 solution, DeBank Chain, with the goal of becoming an asset class for the Web3 social networking trend.
So will this new solution attract the community? Let’s find out with Coincu through this article.
What is DeBank?
DeBank has established itself as a premier platform for monitoring and managing one’s DeFi portfolio, offering comprehensive data and analytics spanning decentralized lending protocols, stablecoins, margin trading platforms, and Decentralized Exchanges (DEXs). Now, with the launch of DeBank Chain, the protocol is poised to take its capabilities to a whole new level.
At its core, DeBank Chain serves as an Asset Layer for Social, setting a new benchmark for integrating financial insights and community engagement. The platform’s previous success lies in its ability to track over 1,000 protocols across 35 diverse blockchains. This wealth of data provides users with a holistic view of their investments, including held tokens, liquidity positions, outstanding loans, debts, and on-chain yield rewards.
One of the standout features of DeBank’s offerings has been its user-friendly interface, which sets it apart as a social networking hub tailored for crypto enthusiasts. Unlike other platforms, DeBank prioritizes simplicity and accessibility, making it an ideal space for individuals navigating the complex world of cryptocurrency.
The protocol has seamlessly integrated numerous DeFi protocols across prominent chains like Ethereum, Binance Smart Chain, Polygon, Avalanche, Fantom, and more. This cross-chain compatibility ensures users can access a wide array of opportunities while managing their portfolios effectively.
DeBank’s journey hasn’t gone unnoticed within the investment landscape either. In a funding round that concluded at the close of 2021, the protocol secured a remarkable $25 million. Leading the charge was Sequoia, a renowned venture capital firm, along with participation from industry giants such as Circle, Coinbase Ventures, Crypto.com, Dragonfly Capital, and Hash Global.
While DeBank’s prowess primarily lies in DeFi tracking and social networking, the protocol doesn’t stop there. It offers a diverse range of services, including Bundles, NFTs, Tokens, Web3 Social Ranking, Official Account Ranking, Web3 Badges, and Reward Activities. This multifaceted approach positions DeBank as more than just a tracker—it’s an all-encompassing ecosystem for crypto enthusiasts.
DeBank Chain
The landmark moment arrived on August 11, 2023, as DeBank unveiled its game-changing product, DeBank Chain, to the community. This innovation, built on Optimism’s OP Stack technology, strives to redefine the concept of social asset management. With aspirations of becoming an integral part of the future’s Superchain, DeBank Chain is a testament to the protocol’s commitment to innovation and excellence.
DeBank’s on-chain platform has outlined its strategic focus on three pivotal aspects:
- Revamped Gas Fee Structure: One of the core aims of DeBank is to drastically reduce gas fees, aiming for levels that are 100 to 400 times lower than those experienced on the Ethereum network.
- Enhanced Account Abstraction: DeBank is setting its sights on implementing Account Abstraction from the ground up while preserving the familiar Ethereum Virtual Machine (EVM) standard.
- Secured Asset Transfers: DeBank intends to facilitate the secure transfer of assets from Ethereum through a novel approach. This involves supporting layer-2 transactions signed with the user’s private key, significantly reducing the necessity of utilizing the private key on the layer-1 mainnet.
For enthusiasts keen on testing the DeBank Chain testnet, the process involves installing the Rabby wallet and procuring gas tokens from the designated faucet.
Specifically, DeBank Chain has made significant progress in optimizing the consensus mechanism, and the gas cost of a single transaction can be reduced by 100 to 400 times. Officials also said.
In terms of bringing a next-generation level of user experience, the chain provides an account abstraction system similar to the chain level and integrates it natively. This allows users to enjoy a near-Web2 experience while remaining 100% compliant with the EVM standard.
In the new account system, transactions support the use of exclusive L2 private keys for signatures, which reduces the use of L1 private keys in usage scenarios and enhances the security of users’ L1 assets. This also provides a basis for users to perform more frequent operations.
Developers believe that this feature fully adapts to the high-frequency nature of social interactions within our platform.
It’s worth noting that DeBank’s official announcement did not delve into the issuance of a distinct token for its layer-2 solution. Furthermore, the criteria for qualifying for the potential airdrop remain undisclosed.
In a broader context, the realm of layer-2 solutions is gaining momentum. Notably, Zora, an NFT platform, also embraced the potential of Optimism’s OP Stack technology as a layer-2 solution, a move that echoes the footsteps of both Base and DeBank Chain.
Why is this Layer 2 potential?
It is clear that DeBank Chain is the first Wealth Management platform based not just on Optimism’s OP Stack technology, but also on Layer 2. This establishes DeBank as a leader within Property Management, which is contested by many other initiatives and obviously requires something unique for a project to prosper. DeBank opted to construct Layer 2.
By becoming Layer 2, DeBank will be able to turn each protocol into an ecosystem in which multiple protocols will be established using DeBank’s available resources in terms of people, technology, data, etc.
Moreover, DeBank includes totally new components and experiences for users with projects created on the DeBank Chain in terms of lending, borrowing, farming, trading, and so on. This assists DeBank in expanding the file for its users. This piece, however, did not exist in the initial DeBank Chain introductory article.
According to Dune statistics, DeBank has nearly 230,000 registered customers on its Ethereum Layer 2 network. This is a great figure for the next stage of growth.
Moreover, the site is teasing a user airdrop (not yet officially announced). The introduction of DeBank Chain is also a belief for people who are practicing DeBank Chain retroactively. During the present downturn, participating in airdrops and testnets and experiencing future projects without tokens, among other things, may help users keep up with the market and attract new users.
Conclusion
DeBank is the most notable initiative in the Portfolio because of its distinct characteristics.
DeBank Chain represents a watershed moment in DeBank’s medium to long-term growth. While DeBank is free to use, it is possible that if DeBank releases a governance token, a part of it will be allocated to DeBank users with good ratings.
So, in addition to the advantages offered by DeBank, it is these user groups that will entice regular customers to utilize it. Thus, if you’re a DeFi user, don’t forget to create an account on DeBank.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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