Reya facilitates shared liquidity amongst native decentralized exchanges.
Reya, a modular Layer 2 community optimized for buying and selling functions, is the newest web3 venture to drive spectacular progress off the again of a factors marketing campaign for early adopters.
Reya introduced the launch of its “Liquidity Era Occasion” (LGE) on April 22, providing boosted factors to customers who present property to the community through the two weeks main as much as the launch of the Reya Perps decentralized change.
Reya attracted greater than $100 million inside 18 hours, with the protocol’s whole worth locked (TVL) at present sitting at $167.6 million round 40 hours later.
“The Liquidity Era Occasion (LGE) is stay and accessible through the Reya dApp, permitting early supporters to stake capital into the Community,” Reya stated in a weblog put up. “This bootstrapping occasion will kickstart the interoperable liquidity flywheel for future DEXes.”
Reya completely helps deposits within the type of USDC throughout its LGE.
Shared liquidity
The Reya workforce first teased the venture on social media in December. In March, the workforce introduced the completion of a $10 million funding spherical that attracted backing from main web3 buyers together with Coinbase Ventures, Framework Ventures, and Wintermute in a now-deleted tweet.
The venture payments itself as a “trading-optimized Layer 2” constructed on prime of Arbitrum’s Orbit tech stack through Gelato’s rollup-as-a-service platform. Reya claims a most throughput of 30,000 transactions per second and block instances of simply 100 milliseconds whereas boasting a gas-free community structure to stop MEV and transaction front-running.
Nevertheless, the workforce emphasizes the availability of shared community liquidity to native DEXes as the first level of distinction between Reya and rival L2s.
“The one factor which we actually deal with is interoperable liquidity, that means that the community itself truly supplies liquidity by way of to the DEXes that construct on the community,” stated Simon Jones, the co-founder and CEO of Reya Labs, throughout an April 23 stream hosted by Arbitrum. “The best way that works is customers mainly stake capital into the community, that capital will get handed by way of a passive LP pool, after which will get made out there to the entire DEXes on Reya.”
Jones stated Reya’s interoperable liquidity mechanism prevents capital fragmentation on the community, deepening markets and bettering buying and selling circumstances.
“We consider that generalizable L2 can’t scale DeFi,” Jones stated in a current weblog put up. “Reya Community is optimized for DeFi buying and selling solely, that means we’re capable of enhance efficiency and add a novel liquidity design into the community, creating the most effective community for DEXes to construct on.”
Churro, a group supervisor at OffChain Labs, the workforce behind Arbitrum, described Reya as “a crowning achievement to what DeFi on Orbit chains can obtain.”
Nevertheless, Reya is just not the one community aiming to supply shared liquidity inside its ecosystem. On April 10, Layer N, an execution surroundings for Layer 2 appchains, introduced the launch of its testnet deployment.
Layer N stated it hopes to grow to be the execution layer for “hundreds of hyper-optimized rollups” having fun with shared liquidity whereas additionally sustaining a single consumer interface.
