Not a day goes past without another decentralized finance protocol launching on a faster blockchain to avoid excessive network fees for its users, and Nerve Finance is the latest to do so.
In an announcement on April 29, Nerve Finance stated that it has been evaluating Layer 2 blockchains using four criteria: low transaction costs, decentralized and trustless, fast and easy user experience, and a strong community.
On April 12, BeInCrypto reported that Nerve Finance had secured $2 million in funding from 3 Arrows Capital, CMS Holdings, and Alameda Research.
Progressing on BSC
The protocol launched a ‘Nerve Bridge’ enabling users to move crypto assets on and off the Binance Smart Chain seamlessly. It added that this has been a massive success since its launch in February:
“In just two months, we’ve gone from 0 to over $600M in TVL and $2.55B in monthly trading volume. We’ve been overwhelmed by the support from our community.”
Nerve Finance is a pegged asset AMM that has pools of stablecoins BUSD, USDT, and USDC in addition to wrapped versions of BTC and ETH for high-speed, low-cost swaps.
It added that its choice of blockchain was originally driven by the low gas fees and fast transactions on BSC, not by ideological belief. ch is why there has been another launch on Solana, a more enterprise-oriented network.
BSC has come under criticism lately as high demand, especially from the PancakeSwap DEX and its yield farms have caused the network to slow a little.
The need for DeFi protocols to be multi-chain now overrides the previous tendency just to operate on one network. BSC and Solana are just two of the many alternative high-throughput platforms available which include Polygon, Polkadot, and Avalanche.
Ethereum seems to be taking it all in stride, however. ETH hit another new all-time high of $2,757 on April 28.
NRV, SOL token price updates
Nerve’s native token, NRV, has skyrocketed 40% on the day. It topped out at $4 before a slight pullback at the time of press. NRV has made almost 400% over the past 30 days and hit an all-time high of $6.35 on April 12.
Solana’s SOL token has added 5.5% over the past 24 hours to tap $44 this morning. It’s very close to its all-time high of $48.46 on April 25.