Bitcoin

Optimism launches Layer-2 from Ethereum the mainnet

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Optimism launches Ethereum’s Layer-2 (L2) network on the mainnet.

Further tests are needed before the installation of the public main network, scheduled for in two months.

Synthetix and Loopring already manage L2 networks

This year, the Ethereum network is likely to experience unprecedented use and demand. So now has never been a better time to speed up its Layer-2 (L2) protocols, also known as scaling solutions.

After a year of development, Ethereum’s Layer-2 solutions provider , Optimism, launched on the mainnet (also known as mainnet) over the weekend of January 16.

In the latest blog post , the Optimism team laid out the details of the launch, as well as the stress tests that still need to be done on the network.

Industry leaders such as Uniswap founder Hayden Adams and Compound Finance CEO Robert Leshner were quick to praise the team. They added that this was “fantastic news for the whole ecosystem”.

The concept of “optimistic rollup” is to make transactions faster and cheaper by executing smart contracts outside of Ethereum and only storing the results on the root chain.

The test, the test, the test

The deployment of the network has been described as a “ soft launch ” because there are still tests to be carried out. In the past four months or so, Coinbase and the DeFi Synthetix protocol have already actively tested the system.

“Just as we did with our test network, we take an iterative approach by first launching training cogs (described in the next section) and removing them as we gain confidence in the system. of production“.

With security high on the agenda, it was added in the announcement that the launch came with three additional safeguards:

Only smart contracts that are on the whitelist will be able to work on the LMO. It is a complete runtime environment compliant with the Ethereum Virtual Machine (EVM) standard, designed for Layer-2 systems.

Authenticated withdrawals will be enabled to prevent malicious activity and administration keys will be used to update contracts in an emergency.

A full public test network has been planned for late February / early March. The team hopes that the public mainnet will be rolled out soon after.

Other Layer-2 options for Ethereum

With the new surge in gas prices , several other deployments of L2 have taken place recently. At the end of last week, Synthetix launched its L2 upgrade, also based on the Optimistic platform.

This upgrade, called Castor, will introduce two main changes as a first step towards full Layer-2 integration. It will include two smart contracts allowing deposits to Layer-1 and withdrawals to Layer-2, which uses Optimism rollups. There will also be a migration to a new SNX blocked deposit contract that supports the transition to Layer-2.

The decentralized exchange (DEX) Loopring has also initiated “gas-less” transfers from L2 to L1 on its own Layer-2 automated market maker. Loopring is currently mining L2’s liquidity for its LRC token , which has recently risen in price.