Not a day goes by without another decentralized financial protocol launched on a faster blockchain to avoid excessive network charges for its users and Nerve Finance is the latest to do so.
Nerve Finance has already started an automated stable swap market maker for Binance Smart Chain and is now multi-chain with a version for Solana.
In an announcement on April 29, Nerve Finance said it had rated Layer 2 blockchains based on four criteria: low transaction costs, decentralized and trustworthy, fast and easy user experience, and a strong community.
On April 12, BeInCrypto reported that Nerve Finance had received $ 2 million from 3 Arrows Capital, CMS Holdings, and Alameda Research.
Progress at BSC
The protocol started a nerve bridge that allows users to seamlessly move crypto assets onto and from the Binance Smart Chain. It added that this has been a huge success since its launch in February:
“In just two months we went from 0 to over $ 600 million in TVL and $ 2.55 billion in monthly trading volume. We were overwhelmed with the support from our community. “
Nerve Finance is a pegged asset from AMM that, in addition to packaged versions of BTC and ETH, offers pools of stablecoins BUSD, USDT and USDC for fast and inexpensive swaps.
It added that its blockchain choice was originally driven by the low gas fees and fast transactions on BSC, not ideological beliefs. Because of this, Solana, a more business-oriented network, was reintroduced.
BSC has been criticized lately as the high demand, particularly from the PancakeSwap DEX and its income farms, has caused the network to slow down a bit.
The need for DeFi protocols to be multi-chain now overrides the previous tendency to only work in one network. BSC and Solana are just two of the many alternative high-throughput platforms that include Polygon, Polkadot and Avalanche.
However, Ethereum seems to be getting it all under control. On April 28, ETH reached another new all-time high of USD 2,757.
NRV, SOL token price updates
Nerve’s native token, NRV, soared 40% that day. It was at $ 4 before falling slightly at press time. NRV has hit nearly 400% in the past 30 days, hitting an all-time high of $ 6.35 on April 12th.
Solana’s SOL token has gained 5.5% in the past 24 hours to hit $ 44 this morning. It’s very close to its all-time high of $ 48.46 on April 25th.
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