AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |
Back to Blog
Optimism ethereum12/30/2023 While the only supported assets are ETH, wBTC, DAI, USDT, and SNX, this is still the same gamified, futuristic DeFi that we have come to know and love, but better in the ways we need it to be. These gas reductions also come as transactions are limited to 50,000 per day, or 0.6 TPS, meaning that fees should decline even more as this limit is raised over time.īetween the speed and savings, it’s hard to articulate how great of an experience this is. That’s a 17.9x decrease in gas costs, though the savings are expected to be closer to 10x in the protocols' early days. Trades on Uniswap are substantially cheaper on Optimism than they are on Ethereum mainnet, with a swap costing roughly 0.000563 ETH, or $1.06 at current prices, on the former, compared to 0.01 ETH, or $19, on the latter. This speed not only blows existing chains completely out of the water, but matches (or even surpasses ) that of centralized exchanges.īut it gets even better: Optimism also lives up to expectations in the form of lower gas fees. Adding Optimism to Your WalletĪs you can see that was.really, really fast. This will not go away when the protocol launches its public mainnet, however there are solutions in the works, such as Maker’s Optimism Dai Bridge, to get around this issue. Furthermore, these risk factors have also been communicated by both the Optimism and Uniswap teams.įinally, due to the architecture of Optimistic Rollups, there is a seven-day withdrawal period when bridging tokens from Optimism back to Ethereum L1, meaning that funds will be completely inaccessible during this period. It’s important to note that assumptions like these are not out of the ordinary when it comes to a brand new network, as developers will often put safeguards in place to catch bugs and ensure the protocol is functioning properly. This means that users will not be able to conduct any transactions during this time. In addition, at least one planned upgrade to Optimism within the next few months, which could cause the network to go down (the team will give warning in advance ). While less of a concern for users, the team also has the ability to whitelist contracts and assets, meaning they have authority over what projects deploy to, and what assets are supported by, the network. The team has the ability to make changes to the contracts controlling the Optimism Gateway bridge, meaning that there is one central point of failure from which user funds can be lost, seized, or stolen. Because of this, early users will be taking on considerable trust assumptions.įor starters, the Optimism core team essentially has complete control over the network. It’s not yet a finished product, with a fully public, permissionless, and decentralized mainnet. While Optimism is a true layer 2 secured by Ethereum, the protocol is still in its infancy. ![]() Moving funds to another network is not a decision to be made lightly. This post will serve as your guide on Optimism, how to migrate to this layer 2 solution, the trust assumptions of doing so, and what the experience will be like when you get there. Want to experience the magic for yourself? It’s the first step in transforming the network from being slow and expensive to blazingly fast and cheap. It’s also the first domino of many to fall as more of our favorite DeFi protocols, such as Synthetix, will be deploying more capabilities on Optimism in the coming weeks. With transaction speeds that would make the Flash blush, and substantially reduced gas costs, Uniswap on Optimism is a teaser for the incredible capabilities and potential of layer 2. While it’s only an alpha release, and it’s limited in functionality and decentralization, we’ve tested it out and it absolutely lives up to the hype. The wait is finally over: Layer 2 summer is heating up with Uniswap V3’s deployment onto Optimism.
0 Comments
Read More
Leave a Reply. |