6/18/2023 0 Comments Ethereum optimism![]() EVM EquivalenceĪmong some of the amazing features that Optimism offers, is that the network is now fully EVM compatible. This basically gives Optimism a higher budget when paying Layer 1 gas fees, which in turn, further reduces fees for the end user. The more people that onboard to Optimism, the more revenue Optimism will receive through protocol fees. The method behind this thesis is quite simple. Going forward, over the next six to 12 months, but also well into the future, we expect these fees to continue decreasing over time to the point where they can essentially offer very close to zero gas token swaps. Feel free to check out the current gas fee prices for Layer 2’s here. At the time of writing, Optimism currently offers its users token swaps for as little as $0.51, followed closely by Arbitrum at $0.63 and the Boba network at $1.31. This process will only accelerate as more and more users begin to migrate from Layer 1 to utilise the efficiency and affordability of the Optimism network.Īfter a string of updates to the network implementing gas reductions, Optimism currently offers the cheapest transaction fees available across all available Optimistic Rollups, including heavy hitters like Arbitrum, and the Boba network. The great migration of Ethereum dapps moving onto Layer 2 protocols such as Optimism is expected to really pick up speed over the next six to 12 months.īy the end of 2022 we can expect to see all or most protocols native to Ethereum Layer 1, make the move over to layer Optimism. Optimism now offers a suite of applications available for public use with over 60 dapps now being offered across the network, including major protocols such as Uniswap, Synthetix and Lyra Finance. Optimism has really started to pick up traction following the network’s initial launch in the latter half of last year. By doing this, we save the Ethereum network a lot of work while also making it far more efficient and affordable for the end user. Layer 2 scaling solutions aim to solve this problem by handling the transaction ‘off-chain’, and instead posting a very small ‘proof’ to the Ethereum network in order to prove that the data is correct. When the network gets busy, blockspace becomes scarce and users must enter into a bidding war in an attempt to get their transaction included in the next block. However, because there is such a high demand for Ethereum blockspace, the network becomes far too expensive to use for the average user. In a nutshell, Ethereum is considered as the world’s most secure and decentralised blockchain that utilises smart contracts. Scaling solutions like rollups aim to improve the overall experience for the end user. An Overview of Layer 2Īs we’ve already discussed on these pages, scalability is currently the biggest problem with the Ethereum network. Like any Layer 2 protocol, Optimism aims to be a network that is able to provide the same level of security and decentralisation as the Ethereum Layer 1 network, while also offering users reduced transaction fees and much faster and more efficient transaction times. With over $1 billion in value across applications like AAVE, Synthetix, and Velodrome, Optimism is live on mainnet and offers an incentives program to attract total value locked.Optimism, which was up until recently known as ‘Optimistic Ethereum’, is an Ethereum Layer 2 scaling solution, and more precisely, an Optimistic Rollup. Developed by Optimism.io, it enables users to interact with decentralized apps and smart contracts while keeping data off-chain, combining decentralization with scalability. ![]() ![]() Optimism is an Ethereum scaling solution using optimistic rollups to enhance transaction speed and reduce costs. With that said, Synapse Protocol is up to 30% cheaper than most other bridges thanks to their innovative interoperability DEX that minimizes slippage across networks. The bridging fees from Ethereum to Optimismtic Ethereum can be up to $100 depending on the demand for block-space on the ETH network. The following information is the verified Optimism Network RPC information: If you want to manually add the Optimism Network to your Metamask Wallet, you will need to input the RPC details in your wallet Settings. Bridging 0.03 ETH to Optimism via Synapse Protocol.
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