Reya facilitates shared liquidity amongst native decentralized exchanges.
Reya, a modular Layer 2 community optimized for buying and selling functions, is the most recent web3 venture to drive spectacular development off the again of a factors marketing campaign for early adopters.
Reya introduced the launch of its “Liquidity Technology Occasion” (LGE) on April 22, providing boosted factors to customers who present property to the community in the course of the two weeks main as much as the launch of the Reya Perps decentralized trade.
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 Technology Occasion (LGE) is stay and accessible through the Reya dApp, permitting early supporters to stake capital into the Community,” Reya said in a weblog submit. “This bootstrapping occasion will kickstart the interoperable liquidity flywheel for future DEXes.”
Reya solely helps deposits within the type of USDC throughout its LGE.
Shared liquidity
The Reya staff first teased the venture on social media in December. In March, the staff announced the completion of a $10 million funding spherical that attracted backing from main web3 traders 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 high 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 occasions of simply 100 milliseconds whereas boasting a gas-free community structure to forestall MEV and transaction front-running.
Nonetheless, the staff 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 concentrate on is interoperable liquidity, that means that the community itself really gives liquidity via to the DEXes that construct on the community,” mentioned 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 via a passive LP pool, after which will get made accessible to the entire DEXes on Reya.”
Jones mentioned Reya’s interoperable liquidity mechanism prevents capital fragmentation on the community, deepening markets and bettering buying and selling situations.
“We imagine that generalizable L2 can’t scale DeFi,” Jones mentioned in a latest weblog submit. “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 perfect community for DEXes to construct on.”
Churro, a group supervisor at OffChain Labs, the staff behind Arbitrum, described Reya as “a crowning achievement to what DeFi on Orbit chains can obtain.”
Nonetheless, Reya isn’t the one community aiming to supply shared liquidity inside its ecosystem. On April 10, Layer N, an execution atmosphere for Layer 2 appchains, introduced the launch of its testnet deployment.
Layer N mentioned it hopes to turn out to be the execution layer for “1000’s of hyper-optimized rollups” having fun with shared liquidity whereas additionally sustaining a single person interface.
