7/4/2023 0 Comments Ethereum optimismIts roadmap includes updates to the Optimism protocol, such as a next-generation fault proof, sharded rollups and a decentralized sequencer. Optimism has plenty of funding to carry its work forward in March 2022, it closed a $150 million Series B funding round led by Andreessen Horowitz and Paradigm, which saw the startup valued at $1.65 billion. All you have to do is select Optimism from the menu of networks then, you can trade as normal. Uniswap, for instance, allows you to trade through Optimism to save on fees. Once you’ve deposited funds on Optimism, you can use them within supported decentralized applications. This delay is a feature of the week-long challenge time baked into Optimism’s optimistic rollup. Optimism advised that it would take a week and $52.72 to withdraw the funds. Deposits take about twenty minutes, and MetaMask quoted us $18 in fees to transfer 1 ETH. You can connect to the Gateway through a Web3 wallet, like MetaMask. In order to deposit your tokens, you’ll have to deposit them through the Optimism Gateway. You can convert your tokens back to the Ethereum mainnet once you’re finished. This allows you to transact on Ethereum through Optimism. To use Optimism, you’ll have to deposit your ETH or ERC-20 tokens to the Optimism token bridge. And like Arbitrum, Optimism is in beta, and is not yet fully decentralized. Like Arbitrum, Optimism doesn’t have a native cryptocurrency to pay for gas fees. Zero-knowledge rollups, another popular type of rollup, are used by Loopring, Immutable X and ZKSync. Arbitrum and Boba Network also use the technique to help Ethereum users save on fees. The protocol isn’t the only scaling solution to use optimistic rollups. The Ethereum network is fit to burst, and until upgrades to the main blockchain save the day, scaling solutions like Optimism allow Ethereum’s decentralized finance industry to grow and remain usable by those who can’t afford its high transaction fees. Optimism is best understood as one of several solutions trying to address Ethereum’s state-bloat problem. It uses, for instance, the same virtual machine as Ethereum, and charges for gas in the same way (albeit at a lower rate, thanks to its optimistic rollup solution).īecause Ethereum and Optimism are so similar under the hood, you can send any ERC-20 asset-a cryptocurrency compliant with the generic Ethereum token standard-between the two networks. Optimism’s layer 2 software is designed to mimic Ethereum’s code as much as possible. The sequencer compresses this data even further to reduce the size of the transaction (and thus save money), then submits transaction data back to Ethereum. These blocks are the ‘rollups’-batches of Ethereum transactions. This sequencer instantly confirms valid transactions, then creates and executes blocks on Optimism’s layer 2-a blockchain that sits atop the L1 blockchain, in this case Ethereum. Unless a user submits their transaction directly to the Canonical Transaction Chain, new blocks are produced by something called a sequencer. An open mainnet launched in December 2021. It wasn’t until January 2021 that an alpha mainnet launched, and it took until October 2021 for Optimism to launch a version of the Alpha mainnet that was compatible with the Ethereum Virtual Machine. Optimism was introduced in June 2019, and a testnet was released in October 2019. Per Dune Analytics, Optimism secures about $740 million of on-chain value, as of March 2022, down from slightly over $1 billion in January. It’s supported by DeFi platforms like Synthetix and Uniswap. Validators in the rollup have a week to query the entire rollup if they believe that it contains fraudulent data.Ī dashboard on Dune Analytics indicates that Optimism cuts Ethereum transaction fees (also known as gas fees) by a staggering 129 times. This saves time, since individual transactions do not have to be submitted with direct proof of their validity. Optimistic rollups are a type of rollup that ‘optimistically’ assumes all transactions in the rollup are valid. The lessons learned will be synthesized in the protocol's next major milestone: what we’re referring to for now as ‘OP 1.0’. We've picked up a ton from our time spent designing, building, and operating an optimistic rollup.
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