DeFi has grown into a multibillion industry and we all know where it started: on Ethereum.
Although Nested was already live on several chains, it had to wait for the right moment before integrating the pioneer network in the application.
The launch comes as a natural evolution within our roadmap, especially considering how “Ethereum is at the root of web3 after all,” reminded Rudy Kadoch, the CEO.
The team is excited and happy to finally open that door to Nested users.
“Although we see ourselves as multichain, this feels like the true launch,” confessed Adrien Supizet, our CTO.
No elitism
The Ethereum blockchain was unfortunately too costly at first — without mentioning the gas limit — which did not align with what Nested is trying to achieve.
Nested intends to democratize SocialFi and this cannot go well with the idea of privileges — despite our favorable inclinations toward this particular chain.
“We wanted all our first users to be able to use our platform daily… not only people who can afford Ethereum gas fees,” clearly stated Adrien.
Rudy concurred to that, adding how the company “aims to provide an elaborate service where users can buy or sell various assets and copy entire strategies in one click… as high as 12 swaps and a burn in a single transaction.”
That is in part why the company prioritized other blockchains and layer 2 solutions at the beginning.
Undisputed supremacy
Ethereum has unequivocally become the dominant force of decentralized finance.
The open-source blockchain that introduced smart contracts to the world counts a staggering $121 billion in Total Value Locked (TVL) as of April 7th, 2022 — that represents 54 percent of the entire DeFi market.
To put this into perspective, the second largest chain — Terra — lags far behind at $26.66 billion or 12.7 percent of the entire TVL in defi today. Then comes Binance Smart Chain at $12.03B, Avalanche at $11.13B, Solana at $7.01B and Fantom at $6.62B.
source: theblockcrypto
Cutting ourselves from the biggest DeFi market maker was never an option — to the contrary.
The CTO admitted how this had “been on the team’s mind from the first line of code.”
All that being said, our technical team had to stabilize our application and find a way to circumvent gas fees before moving ahead with Ethereum.
Ready, steady… go
Nested’s technical team always kept flexibility in mind for the design of the app to “scale on multiple blockchains easily,” explained Adrien.
In addition, all the platform’s smart contracts were already written in Solidity to integrate Avalanche.
Hence why “supporting another EVM compatible blockchain was not hard,” Adrien added.
As mentioned before, the true challenge with Ethereum was “to optimize every bit of the code… pun intended… to lower the gas cost… it was tricky sometimes.”
The company gained a lot of insights on gas optimization during one of Code4rena’s famous C4 contests, during which white hats attempt to breach the code’ security lines.
The team was technically ready, but “we just waited for the right time,” exclaimed Rudy.
That time is now.
New opportunities
Launched in 2013 by Vitalik Buterin, Ethereum represents a wealth of opportunities unmatched by other blockchains so far — and Nested is now plugged to it.
“There are many great protocols on Ethereum… this opens lots of possibilities integration-wise,” said Adrien.
Rudy is quite excited considering how it “will enrich Nested’s offer… with many new opened doors for our users.”
Besides being another step in the right direction of our roadmap — namely toward Tetris — “most staking, lending and yield farming strategies can also be found on Ethereum,” explained the young but seasoned entrepreneur.
“Ethereum is the fundamental layer where liquidity is the most deposited and decentralized.”
A profitable future
Ultimately, Nested is a multichain project that does not favor one network over another — but Ethereum does feel good.
As a major Ethereum network user, Rudy is looking forward “to building his first Nested portfolio on the network.”
Nested’s CEO bought his first ETH six years ago, a time when he “could not expect” adding his own touch “to this powerful ecosystem” one day.
“I am very proud of everything we achieved as a team and launching on Ethereum is symbolic… we wanted to do it only when we were sure about the stability of our architecture, especially considering deployment costs… now it is done and it sends a fantastic message to the Nested community,” Rudy concluded.
Ethereum comes in addition to Avalanche, BNB chain and Polygon — already available.
Celo, Fantom, Arbitrum and Optimism will come out soon enough so please, keep on reading us and stay tuned for our latest updates.
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