After soft launching BaseMigrate a few weeks ago, today, we are excited to announce the launch of Supermigrate, a gateway to L2s making it easier for projects and developers to migrate and launch on cost effective networks. Our mission is to simplify the migration process from Layer 1 (L1) to Layer 2 (L2) networks, making it more accessible and efficient for users. Since its inception, BaseMigrate has already facilitated the migration of over 28 token projects with a cumulative value exceeding $1 billion USD. This milestone validates our thesis: there is a significant demand for streamlined, cost-effective network transitions.
This milestone not only demonstrates our platform's capability and reliability but also strengthens our commitment to onboard a billion people onchain. By making it easier for developers to access cheaper networks, we aim to lower the barriers, address the current challenges and fragmentation in the ecosystem moving us closer to our ambitious goals.
Why are we building Supermigrate?
The transition from Layer 1 (L1) to Layer 2 (L2) networks is hindered by a fragmented ecosystem that poses significant challenges for users. This is characterized by the need to interact with multiple interfaces and platforms for different actions, leading to a cumbersome and inefficient migration process.
For instance, a project looking to migrate assets from L1 to L2 may first need to manually deploy a canonical bridged token on the L2 network assets, interact with a separate interface on the L2 network to bridge the assets and finally interact with another interface to provide Liquidity for the just migrated token. Each of these steps involves a different user interfaces, transaction format, and confirmation processes, creating a disjointed experience.
Many of these processes are manual, requiring users to actively monitor and manage each step of the migration. This not only increases the risk of errors but also demands a significant amount of time and attention from users. The lack of automation and integration between different stages of the migration process further exacerbates the complexity, making it difficult for users to seamlessly transition between L1 and L2 networks.
Addressing this problem will lead to a wide adoption of L2s and in turn enable developers to achieve the greater mission of onboarding a billion people onchain.
How are we building Supermigrate to accelerate the adoption of L2s?
Supermigrate aims to consolidate all necessary actions for migrating from L1 to L2 into a single, integrated platform. Our goal is to simplify and streamline the user/dev experience and make it simple for projects to get started on new L2 networks, here’s how:
Deploying Canonical Tokens: We provide a straightforward approach for users to deploy their ERC-20 tokens on L2 networks, enabling projects and individuals to easily transition their assets and take advantage of scalability and reduced costs.
Bridging Interface: Our platform integrates with the Superbridge app, allowing seamless asset transfers between L1 and L2 networks, enhancing user convenience and system interoperability.
Liquidity and Incentives: Our platform integrates a liquidity interface that not only simplifies adding liquidity to newly deployed tokens on L2 platforms but also makes it easy for liquidity providers to find promising projects and support them. This interface ensures immediate liquidity for tokens post-migration and incentivizes providers with rewards for their contributions, enhancing both the adoption and functionality of L2 networks.
What is coming?
As Supermigrate continues to evolve, we are excited about the upcoming developments that will enhance access to the next billion joining the onchain era.
We are actively working on expanding our support for additional Layer 2 networks, inviting potential partners to collaborate with us to extend our integration capabilities. L2 networks can reach out to us on twitter, telegram or via integrations@metastablelabs.xyz
We are also introducing a rewards program that will incentivize both projects and liquidity providers. This program will offer various rewards for deploying new tokens, migrating existing L1 tokens and providing liquidity, encouraging robust community engagement and further adoption of L2 networks.
To ensure you are among the first to know when our incentive program goes live, subscribe!
Let the Great Migration begin!
We’re thrilled to announce the launch of the "Great Migration" NFT - a special collectible designed to commemorate the start of a significant shift towards Layer 2 adoption and to celebrate the growing Supermigrate community.
By minting this NFT on Zora, participants not only get to own a piece of blockchain history but also join a movement dedicated to expanding and improving the blockchain ecosystem. Join us in this historic moment and be part of the journey as we work together to make blockchain more accessible and efficient for everyone. Let the Great Migration begin!
nft://8453/0x08B2B3fe349534369343245B55D586adF2EA71A4/1?showBuying=true&showMeta=true
Start migrating today!
Supermigrate, where ERC-20 tokens go to grow!
