ParaSwap, a middleware for traders and decentralized applications, is now live on Base, an Ethereum L2 solution. With an announcement stating that this is a significant leap for them, ParaSwap has confirmed the development. Going live on Base aims to offer traders more opportunities at the best possible rates. Also, ParaSwap has said that the association with Ethereum L2 will help increase the efficiency of operations.
The development comes as word about the same has gained momentum among the community of traders. ParaSwap has selected Base out of all available alternatives for on-chain development due to its security and developer-friendly features. In addition, Base’s fees are among the lowest in the industry and have no impact on the speed of transactions. ParaSwap has called the environment a perfect playground to deliver a trading experience that cannot be offered by anyone else in the market.
With this, ParaSwap has said that it stands true to achieving the mission of taking decentralized finance to the next level. More details about the future and a roadmap are expected to be made public by ParaSwap in the coming days. The community has, meanwhile, expressed their satisfaction with the development. Members have said they were waiting for such an advancement for a long time.
The development comes days after Base and Coinage partnered to host the first-ever on-chain scavenger hunt. The event is being hosted by Base, with a timeline that is filled with clues and a chance for participants to dig deeper into the world of Coinage. The winner will be rewarded with 5 ETH after the 12-day event concludes.
As for ParaSwap, the development has come days after it announced the staking of $PSP on Optimism. The announcement was well-received, especially since the commitment was to reduce gas fees, earn a share of protocol fees, and gas refunds. ParaSwap then partnered with Layer3 to launch the PSP Optimism Staking Quest.
The native token was last traded at $0.02211, an increase of 2% in the last 24 hours. With this, $PSP has become the first token to take part in the 80/20 initiative of multichaining by Balancer. ParaSwap leverages Social Escrow, allowing users to stake and claim the token on a chain of their choice for a reward.
Collaboration between ParaSwap and Base is indeed a giant stride, as it provides traders with more opportunities. In addition, they gain access to more dependable trading activities. ParaSwap will continue to support the association with developer-friendly and secure features. In addition, it will provide merchants with access to ultra-fast transactions for a nominal fee.
WOOFi has offered a warm welcome to ParaSwap on Base while highlighting that traders will now be able to stake their tokens better since more volume will bring more revenue and hence more reasons to stake $WOO.