Optimistic Ethereum Testnet Launches, Synthetix Lead Trials
Four months after their last update, Optimistic Ethereum–the virtual machine of the Optimistic Rollups Layer-2 scaling solution, is launching its open-source test network as per an update on Sep 25. Tests will be done in four phases.
Uniswap, Synthetix, and Chainlink have joined as early adopters.
Optimistic Ethereum was Urgent
Acknowledging that the level of congestion in the Ethereum mainnet has been unacceptably high, pushing transaction costs to unprecedented levels and stifling innovation in the pioneer smart contracting network, the team said the decision to fast-track development “felt more urgent than never before.” They are also cautious to “provide the best possible support to each pioneering project.”
An extract read:
“Our mission has felt more urgent than ever, and our path forward clear. It’s been 4 sleepless, exhausting months since our last update, but your supportive memes and messages have given us the energy to keep pushing forward.”
“Due to overwhelming demand, we have opted for a gradual release process where we will be integrating a small cohort of early adopters one at a time, to provide the best possible support to each pioneering project.”
Synthetix to Trial
Trialing the Optimistic Ethereum will be Synthetix, a leading DeFi protocol that announced the Fomalhaut upgrade on Sep 24. In their experimentation, the platform will incentivize testnet usage with 200,000 SNX in rewards distributed to participants.
As BTCManager previously reported, Ethereum has a high fee problem thanks in part to the high level of network utilization and the proliferation of DeFi dApps. Because of irresistible rewards above traditional rates, more people are now flocking to the emerging trustless sub-sector flooding the network with transactions.
On the other hand, miners sensing opportunity only receive the highest bids to include any transaction in the next block.
By early Sep 2020, the average Gas fee stood at $14, meaning it made no sense for non-DeFi projects to participate.
Layer-2 Solutions Aren’t Mutually Exclusive
Optimistic Rollups (ORUs) is one of the main scaling solutions being worked on by various teams.
Although each viable solution won’t be mutually exclusive but will be complementing and multiplicative ahead of the highly anticipated Eth2 mainnet launch, projects prefer ORUs because they are EVM aware meaning they support smart contracts in their current version.
Before then, Layer-2 solutions will play a big role in scaling Ethereum since Sharding will be in Phase 1, set for sometimes in late 2021 or early 2022.
Earlier, BTCManager reported of a Zero-Knowledge Proof Optimistic Rollup (Zkopru) testing. Zkopru introduces privacy to ETH, ERC-20, and ERC-721 transactions but also supports private atomic swaps.