6/26/2023 0 Comments Ethereum optimismData supplied by shows $825m TVL locked on Optimism, against Arbitum One’s $2.48bn TVL. By 2021, these applications became a core component of the Ethereum ecosystem.Īs of 9 Jun, there was $4.91bn of total value locked across all Layer 2 protocols, according to Ethereum’s own calculations. Alongside Arbitrum One and Boba Network, Optimism was at the vanguard of Layer 2. The Layer 2 concept was created to combat these scalability issues. But CryptoKitties and similar events proved that changes needed to be made if Ethereum was to meet the demands of a rapidly expanding community. That one innocuous DApp could cause so much disruption was a crisis for Ethereum. Never more evident was this issue than when the runaway success of CryptoKitties caused large-scale congestion across the entire Ethereum network in 2017. Prohibitive gas fees and poor throughput of only 15 transactions per second (TPS) causes a bottleneck for Ethereum-based DApps, resulting in developers being unable to meet users’ demands. Why is Layer 2 important?ĭespite being far and away the most popular smart contract platform in use today, Ethereum has some considerable scalability issues. What is Optimism (OP) and how does Optimism work? Stay with us to find out. In the following guide, we dive into the nitty gritty of this platform and the OP cryptocurrency. Some of Ethereum’s premier Dapps, including Uniswap, Aave and 1inch, run on Optimism – Source: optimism.io Since Optimism’s technology closely matches Ethereum’s, all Ethereum-based smart contracts can be deployed on Optimism to take advantage of the platform's higher transaction speeds and cheaper gas fees. Optimism’s backend technology stack is dubbed the Optimistic Virtual Machine (OVM), in reference to Ethereum Virtual Machine (EVM). Co-founded in 2019 by chief scientist Benjamin Jones, chief executive officer Jinlan Wang and protocol product manager Kevin Ho, the US-based Optimism released its native OP governance token on. Optimism (OP) is an Ethereum Layer 2 (L2) solution focused on providing low-cost, easy-to-use scalability for Ethereum-based decentralised applications (DApps). The Merge: Will Optimism become obsolete?. ![]() This will incentivize developers to build critical infrastructure on Optimism and pursue other projects that improve users’ experiences within the ecosystem. The technology can also support the work of the Optimism Collective, an entity that rewards the ecosystem’s contributors with crypto, by providing the group with the information it needs to distribute OP tokens to community members who have positively contributed to the blockchain, Zain Bacchus, senior product manager of ecosystem at OP Labs, told CoinDesk. Such a service could include products such as an aggregated rating system for decentralized finance (DeFi) users’ reputations that could assign an individual a reputation score based on other users’ attestations of their interactions with that individual. The team said the technology will allow developers to create innovative identity products across Optimism, and other networks such as Base, Polygon and Ethereum. ![]() “We're trying to be a base layer where identity platforms can exist, where supply chain companies can attest to supply movements, and provenance, where governments can attest to land registries and entities can vote,” EAS co-founder and Chief Technology Officer Steve Dakh told CoinDesk. This could promote fairer OP token distribution and community voting systems on Optimism, according to the release.Īny Optimism user can use the technology to attest to information that they believe is accurate, such as whether a person built, or contributed to, a particular project, whether an individual makes profitable trades or not, and more.ĮAS’ launch aims to enable Optimism users’ to allow them to verify on-chain content that could sway how the platform’s native OP tokens are distributed and how users interact with one another more broadly. ![]() Optimism, an Ethereum-based layer 2 companion blockchain, will be using Ethereum Attestation Service (EAS), an on-chain attestation protocol to enable users to assess the trustworthiness of the platform’s users and vouch for whether something actually happened on the blockchain, EAS said in a press release sent to CoinDesk.
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