Etherlink, the next-generation Layer2 Blockchain built on Tezos, has officially become production-ready by launching its Mainnet on Wednesday.
Working towards building the first-ever mainstream chain for dedicated builders, the mainnet launch comes after the successful completion of its public beta which it initiated last year in May.
Further, apart from the mainnet launch, Etherlink also introduced a rewards program named as “Apple Farm”. The program is designed to incentivise users, bringing more engagement and participation for its growing ecosystem.
Etherlink’s Key Distinctions
With several prominent blockchain projects and protocols such as Pyth Network, The Graph, LayerZero already integrating Etherlink, the mainnet is set to further scaling of its Layer2 solutions. Etherlink aims to provide a fast, cost-effective, and Ethereum Virtual Machine (EVM)-compatible Layer 2 solution.
With its foundation on Tezos’ Smart Rollups technology, Etherlink offers sub-second block times, low transaction fees, and strong security inherited from Tezos’ Layer 1 infrastructure.
Further, it is fully compatible with Ethereum-based applications, allowing developers to seamlessly migrate their projects without requiring extensive modifications. This means that dApps built for Ethereum, including those in DeFi, NFTs, and GameFi, can easily integrate with Etherlink while benefiting from faster and cheaper transactions.
Other features include:
- Offering Subsecond finality, transactions on Etherlink are confirmed in less than 500 milliseconds, providing a smooth user experience.
- Transactions cost around $0.001, making it highly cost-effective.
- Ensuring decentralized governance, the network is governed by Tezos bakers for community-driven decision-making.
- With LayerZero integration, Etherlink also allows cross-chain asset transfers and smart contract interactions.
Incentive Program to bring more engagement in DeFi
As mentioned, to celebrate the mainnet launch, Etherlink has introduced Apple Farm, a unique rewards program designed to incentivize user engagement within the ecosystem. Users can earn “Apples”—the program’s native reward points—by interacting with dApps, using DeFi protocols, and participating in network activities.
How Apple Farm Works:
- Allowing users to earn Apples, users will be able to accumulate Apples by performing various on-chain activities such as staking, swapping tokens, and providing liquidity.
- Apples can be exchanged for exclusive NFTs, governance perks, and community incentives.
- Active participants may also receive boosted rewards, early access to new features, and a chance to shape Etherlink’s development.
Though the launch of its mainnet and incentive program is promising, the road ahead remains challenging for Etherlink. It must compete with major Layer 2 players such as Arbitrum and Polygon. While existing Layer 1 and Layer 2 solutions, like Ethereum, face scalability challenges, they continue to dominate the industry. Establishing itself as a major player will not be easy for Etherlink.
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