![]() ![]() ![]() This close adherence to Ethereum development paradigms results in a very easy transition for developers, wallets and users: no new programming languages, minimal code changes to existing contracts required, and out-of-the-box support for the majority of existing Ethereum tooling. One of the most exciting things about what Optimism has built is that it can be seen in many ways as an extension of Ethereum - from its philosophy down to its tech stack. Optimism’s exceptional team, carefully designed developer experience, major scaling benefits, years of research and testing, and full composability made it the obvious choice. Optimism is an Ethereum Layer 2 scaling solution that uses optimistic rollups to achieve far lower fees, far lower latency, and far greater throughput versus Ethereum Layer 1 alone while also providing a world-class developer and user experience. We’ve spent a great deal of time looking at various approaches and teams building Layer 2s, and today we’re thrilled to announce we are leading a $25 million Series A investment in Optimism. We believe the same will be true for Ethereum, and therefore that the answer to scaling is “all of the above,” including Ethereum 2.0, bridged Layer 1s, and Layer 2 solutions. One lesson from internet history is that when you give developers a powerful new computing platform, they create applications at such a rapid rate that demand consistently outpaces supply. While there is little debate that scaling Ethereum is necessary to continue supporting the rapid growth of the network, this issue is sometimes framed as a competition between Ethereum 2.0, Layer 2 services, and “Ethereum killer” Layer 1s. Ethereum has also been a victim of its own success: its limited ability to support high throughput has, at various points, driven gas fees to unsustainable levels. The ecosystem of Ethereum applications is richer than ever before, driven by DeFi, NFTs, and a number of other use cases. The dollar value settled per day has grown to a 30-day moving average of $9.15 billion USD, a 24x increase from one year ago. Since May of 2020, the capacity used per block (a strong proxy for demand) has stabilized near 98%, meaning the network is functionally full. Featured image from Pixabay, and chart from Tradingview.Ethereum has proven itself to be an extremely popular computing platform, with both developer and user demand growing dramatically. In addition, this solution will offer a way to bundle many transactions together and commit them to Ethereum’s Layer 1 as a single proof. ZK-Rollups enhance existing Layer 2 networks by offering consistency and better security. The Projects that are working in the ZK-Rollups domain contain zkSync and StarkWare. Related Reading | Naughty MOAI – The Ecosystem Falor Real World Impactation on Metaverseīesides Optimistic Rollups, ZK-Rollups (Zero-Knowledge Rollups) is the other promising Layer 2 technology on which Ethereum is betting to become user-friendly. Optimism was in the spotlight by announcing the launch of the OP token last month, and rumors imply that the Arbitrum will also come with its token in the future. According to data from Dune Analytics, the gas cost of Optimism is 98 times lower than that of Ethereum.Īs per the data from Defi Llama, Optimism has been gaining popularity recently, with a total value locked (TVL) standing at $290.96 million and almost 40 different DeFi projects that are using the technology. Nowadays, Optimism and Arbitrum are Ethereum’s two leading Optimistic Rollup solutions, already hosting the Aave and other top DeFi projects. However, Optimism leverages Optimistic Rollups, a technology that reduces traffic on Ethereum, processes transactions on a new network, and then sends them to the Ethereum mainnet as call data. Once a series of transactions or crypto operations end, the results of these activities are then sent and saved on the mainnet, like who owns which coins and how much. These solutions (Polygon, Arbitrum, and Optimism) move the activity away from the costly mainnet. The costs related to a blockchain transaction are the cost of processing and storing information. Ethereum is currently trading below the $2,000 support level | Source: ETH/USD price chart from ![]()
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