214 Interactions, 4 today
The full blockchain data for layer-two network Optimistic Ethereum is now open.
Optimism, a developer of Ethereum layer-two scaling solutions, has announced a partnership with blockchain analytics company Etherscan.
The technology company proclaimed it a big accessibility achievement on May 21, saying that it made extremely specialised knowledge quickly searchable and human-readable.
The company offers Optimistic rollups, an L2 scaling technology that is based on zero-knowledge proofs but adjusts the consensus such that instead of checking each transaction, the network believes that they are all right. Intervention is only required if a transaction is false, in which case a “fraud-proof” document is requested.
With the Etherscan integration, Optimistic Ethereum users will now be able to monitor deposits and withdrawals in addition to viewing when L2 transactions are pre-confirmed and when they have been posted and finalized in batches on L1. Withdrawal completion on L1 is coming soon, the announcement added.
According to the Optimistic Ethereum roadmap, it expects to launch to public mainnet in July 2021. However some whitelisted protocols are moving ahead of that date.
Synthetix, a DeFi synthetic assets exchange, was one of the first to use Optimistic Ethereum (O). According to founder Kain Warwick, the launch has taken longer than anticipated but is now inevitable. “While it has taken far longer than we had hoped to get here,” he wrote, “we are now only a few weeks away from having everything ready to enable exchanges on BTC, ETH, and LINK.”
He went on to say that the delay had enabled Oracle provider Chainlink to work on L2 aggregator latency upgrades. This would allow for lower fees to be achieved by further optimizations, as well as the elimination of fee reclamation, resulting in Synthetix regaining composability with other protocols for the first time in nearly two years.
“It really cannot be overstated how enormous a development this will be on OΞ. Especially as more protocols migrate and liquidity transitions to this new L2 infrastructure.”
In his May 18 blog post, Warwick stated that the launch of multiple other protocols on Optimistic Ethereum will significantly undermine the value proposition of chains like Solana and Binance Smart Chain.
The lengthy update did not mention a launch date, but did note that a modular framework would be available in the coming months to finalise the scope of Synthetix version 2 (V2x).
Uniswap, the world’s largest open exchange, has already been whitelisted for Optimistic rollout, implying that the long-awaited layer-two scaling for v3 could be available before July. However, there has been no formal statement from Uniswap Labs about the L2 launch.