Ethereum DeFi Dashboard DeBank Launches Layer-2 on Optimism’s OP Stack

DeFi blockchain explorer platform DeBank has announced DeBank Chain, a new layer-2 blockchain built on Optimism’s OP Stack.

Billed as an “asset later for social,” DeBank Chain is built as an optimistic rollup which claims to have reduced the “L1 data storage gas cost by 100 to 400 times.” The OP Stack is a blockchain development standard by Optimism team on which new layer-2 blockchains can be built.

DeBank, a DeFi portfolio visualisation and blockchain explorer platform for Ethereum and other EVM-compatible blockchains, launched the testnet of its layer-2 network today with plans “to roll out the Mainnet in 2024.”

DeBank’s social media goals

In October 2022, DeBank rolled out an Ethereum L2 to facilitate DeBank Hi, a chat application embedded in its existing wallet tracking platform.

Users on the platform are paid to receive messages, creating a “market for attention.”

DeBank has over 200,000 users registered on its Ethereum layer-2 network, per a Dune dashboard by Stakeridoo.

The team plans to expand DeBank Hi from a messaging app to a social media platform, DeBank Stream, where users would receive credit for “valuable contributions” on the platform.

The platform’s aim is to evaluate a “user's precise attention value” based on their social media interactions which will account for “every minute you invested, every post you published or read, every comment.”

Decrypt has reached out to DeBank for comment.

The OP Stack is expanding

DeBank has added to the list of new layer-2s building on the OP Stack.

It includes Coinbase’s Base, Andreessen Horowitz-backed Magi Protocol, and Binance-based BNB Chain, which launched a testnet built on the same standard on June 19, 2023.