![]() We’ve gotten to know the Optimism team over the last several years, and have been extremely impressed. 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. Join us on Telegram and follow us on Google News.Ethereum has proven itself to be an extremely popular computing platform, with both developer and user demand growing dramatically. Want alpha sent directly to your inbox? Get degen trade ideas, governance updates, token performance, can’t-miss tweets and more from Blockworks Research’s Daily Debrief.Ĭan’t wait? Get our news the fastest way possible. Subscribe to Blockworks’ free newsletter now. Get the day’s top crypto news and insights delivered to your email every evening. Optimism has a TVL of $1.27 billion, totaling almost 30% of the entire market share, according to L2beat data.Īrbitrum does not yet have its own governance token, but Optimism’s OP token has posted double-digit gains since the start of 2023. The ecosystems also have the two highest total value locked (TVL) across all layer-2 networks, with Arbitrum having a TVL of $2.34 billion, making up over 52% of the entire market share. Another key driver for both chains is Galxe, the on-chain identity and credentials project.” In the case of Optimism, Lee says that, “we’re seeing a similar trend where DeFi protocols are one of the key drivers of adoption of the chain - Perpetual Protocol, Velodrome, Pika Protocol. Some of the most recent projects that have been onboarded to the network include: Bebop DEX, which specializes in one-to-many and many-to-one token trading automated money flow provider Cask Protocol on chain-asset management platform Factor and NFT platform OpenSea. These improvements may also be the reason why many new projects have decided to launch on Arbitrum. This upgrade, which was completed prior to the Ethereum Merge, increased Arbitrum’s throughput capacity by more than 7-to-10 times that of the Ethereum mainnet - hastening transaction speeds and reducing costs and requirements to run nodes.
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