Unsecured lending protocol TrueFi is reportedly the most recent initiative to be released across Optimism – Ethereum’s popular layer-2 scaling solution, in a bid to increase demand from non-institutional lenders. 

Specifically, via the introduction on Optimism, TrueFi’s lender community will reportedly be able to tap into user experience with enhanced speed and reduced cost, together with gaining exposure to a pool of retail lenders with a larger scope.

“TrueFi users can now lend, borrow and launch portfolios on Optimism to enjoy dramatically reduced transaction costs and network speeds. “Since Optimism transactions are on average 77x cheaper than Ethereum, we expect greater adoption from non-institutional lenders, hopefully increasing global access to TrueFi’s financial opportunities.” Rafael Cosman, the co-founder of TrustToken, additionally remarked. 

TrueFi was reportedly developed by stablecoin operator TrustToken and shipped to institutional customers in November two years ago. In February 2022, TrustToken introduced a new lending TrueFi-based marketplace, developed with the purpose to offer financial establishments the power to build and release their own financial services.

At the moment, an overall number of more than 40 protocols is recorded to have completed the deployment on Optimism, a sign showing that there is an increase in initiatives seeking to utilize the enhanced features, nominally higher scalability, and lower fees. 

Optimism has been built with the goal of assisting every decentralized application operating on Ethereum through Optimistic Rollups, a scaling service that functions in tandem with Ethereum’s main chain.

As additional initiatives are being rolled out on Optimism, the chain’s total value locked (TVL) witnessed a surge over the past week. At the moment, the network TVL crossed the $369 million thresholds, which is an incline of approximately $100 million since May 29. 

Network TVL peaked in late April above $510 million.