Ethereum News Today: Myriad Protocol Expands to Linea Boosting Scalable DeFi Prediction Markets

Myriad Protocol has officially launched on Ethereum Layer-2 network Linea, marking a significant step in its strategy for multichain decentralized finance (DeFi) expansion [1]. The launch enables scalable, low-cost prediction markets, allowing the protocol to serve a growing user base with faster transactions and reduced fees. The move aligns with Myriad’s broader vision to create a new class of DeFi products through innovative prediction contracts, which enable users to speculate on future events in a decentralized and accessible manner.

The integration with Linea is a milestone for the protocol, as it moves beyond the Abstract network to support a multichain ecosystem. Myriad’s co-founder, Ilan Hazan, emphasized that the project views different blockchains as distinct ecosystems rather than competing platforms, allowing for organic growth and broader community integration. By not limiting itself to a single chain, Myriad aims to extend its reach to diverse user bases and continue operating on Abstract while scaling across other networks like Linea.

Prediction contracts are considered a transformative addition to the DeFi space, offering a novel way to deploy capital on-chain. Myriad’s CEO, Loxley Fernandes, likened the potential of these contracts to that of ERC-20 tokens, suggesting they could become a widely adopted and utility-driven financial instrument within decentralized finance. This new product class opens avenues for users to engage with DeFi beyond traditional assets, enhancing participation and innovation in the sector.

Looking ahead, Myriad’s development team is working on a pipeline of features to further improve distribution and user interaction. These include restaking mechanisms and infrastructure enhancements aimed at revolutionizing content creation and consumption globally. DASTAN’s President, Farokh Sarmad, noted that the project’s ambitions have grown substantially, with the goal of achieving 10 times the initial impact envisioned during its early stages.

For users, engaging with Myriad on Linea involves signing into their account, bridging assets such as USDC to the Linea network, and placing predictions through the platform’s interface. The process underscores the protocol’s commitment to seamless and user-friendly participation in decentralized prediction markets. As the project continues its expansion, the combination of multichain support and innovative financial instruments positions Myriad as a key player in the evolving DeFi landscape.

Source: [1] Myriad Protocol Launches on Ethereum Layer-2 Linea, Signaling Potential Multichain DeFi Expansion (https://en.coinotag.com/myriad-protocol-launches-on-ethereum-layer-2-linea-signaling-potential-multichain-defi-expansion/)