Long-awaited layer two scaling is finally being launched on Uniswap v3, albeit in a limited format initially. The long-awaited layer two scaling solutions upgrade for Uniswap has finally been spotted in the wild with the launch of version 3 on Optimistic Ethereum. In a post on July 13, the world’s most popular decentralized exchange stated that it was pleased to finally announce the alpha launch of Uniswap v3 on the Optimistic Ethereum (OΞ) mainnet. The alpha launch is a limited version of the full system which helps developers deploy the system gradually and address any issues that may arise.
The blog post elaborated: “Please treat this as an early alpha product. Optimistic Ethereum is a complex Layer 2 scaling solution still in need of rigorous battle testing.”
The DEX warned of potential downtime, and stated that withdrawals from OΞ to layer one will take seven days. It also stated that there are limited assets at launch, namely ETH, USDT, WBTC, DAI, and SNX, but more will be added in the coming days and weeks. During the alpha period, the platform will support an initial throughput of 0.6 transactions per second. It added that this should equate to a transaction capacity roughly in line with layer one, but transactions on OΞ confirm instantly meaning there are no more pending or stuck swaps.
Uniswap explained that assuming v3 has equal usage to layer one, OΞ should offer transaction cost savings of up to ten times, however increased demand will drive gas costs higher. The transaction speeds will be increased over the coming weeks and months as the infrastructure is tested and optimized at scale.
Protocol founder Hayden Adams commented on the launch and high-speed transaction capabilities, adding: “Building general purpose Optimistic Rollups is an extraordinary undertaking and a critical step for decentralized finance to gain mass adoption.”
Initial users have been impressed, with Bankless founder David Hoffman exclaiming “It's instantaneous and insanely cheap. 5 swaps in 30 seconds, and I wasn't even trying to be fast.”
Uniswap said that the scaling solution is complementary to Ethereum 2.0: “Scaling Ethereum will be an iterative process, but this is a major step forward. Optimistic Rollups and ETH 2.0 are complementary scaling solutions and together will propel DeFi to mainstream adoption.”
OΞ uses an optimistic rollup which changes the zero-knowledge consensus principle by assuming that all transaction verifications are correct. Users only intervene only if they see an incorrect transaction whereby they can submit a “fraud-proof” to signal that the data is incorrect.
DeFi platform Synthetix has also announced the launch of Optimistic Ethereum for its layer two exchange for the week beginning July 26. In late May, the Ethereum layer two scaling solutions provider announced a collaboration with blockchain analytics platform Etherscan.
# | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
1 | BTC | Bitcoin predictions | 87.6% | 13 | $61 039.31 | 0.23% | -4.46% | $1 202 325 269 967 | ||
---|---|---|---|---|---|---|---|---|---|---|
2 | ETH | Ethereum predictions | 84% | 20 | $2 886.13 | -1.10% | -8.02% | $346 656 973 106 | ||
3 | USDT | Tether predictions | 95.6% | 1 | $0.999695 | 0.01% | -0.06% | $110 806 207 308 | ||
4 | BNB | Binance Coin predictions | 89.6% | 15 | $587.69 | -0.55% | -0.67% | $86 735 913 010 | ||
5 | SOL | Solana predictions | 84% | 29 | $140.30 | -4.22% | -4.20% | $62 929 789 209 | ||
6 | USDC | USD Coin predictions | 94.8% | 1 | $1.000040 | 0.01% | -0.01% | $33 125 422 314 | ||
7 | XRP | XRP predictions | 87.6% | 14 | $0.492026 | -2.98% | -7.24% | $27 238 152 739 | ||
8 | TON | Toncoin predictions | 71.6% | 55 | $7.02 | 1.59% | 17.90% | $24 399 622 354 | ||
9 | DOGE | Dogecoin predictions | 79.6% | 35 | $0.137101 | -4.59% | -15.56% | $19 779 234 873 | ||
10 | ADA | Cardano predictions | 87.2% | 17 | $0.428586 | -2.78% | -6.26% | $15 285 917 384 | ||
11 | SHIB | SHIBA INU predictions | 77.6% | 46 | $0.000022 | -3.95% | -12.51% | $12 804 194 622 | ||
12 | AVAX | Avalanche predictions | 82% | 33 | $32.29 | -3.91% | -13.52% | $12 321 087 452 | ||
13 | WTRX | Wrapped TRON predictions | 82.4% | 34 | $0.126857 | 0.26% | 5.00% | $11 097 524 700 | ||
14 | TRX | TRON predictions | 80.4% | 34 | $0.126639 | -0.22% | 4.65% | $11 078 530 780 | ||
15 | STETH | Lido stETH predictions | 92% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |
Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.
© 2015-2024 Crypto-Rating.com
The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.