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||84.8%||16||$41 800.30||6.07%||12.97%||$817 650 631 149|
|2||ETH||Ethereum predictions||84.8%||27||$2 254.14||4.72%||11.49%||$271 021 537 915|
|3||USDT||Tether predictions||90.8%||1||$1.000265||0%||-0.01%||$89 671 342 751|
|4||BNB||Binance Coin predictions||82%||26||$231.16||1.80%||1.90%||$35 066 472 230|
|5||XRP||XRP predictions||79.6%||30||$0.623299||-0.16%||3.17%||$33 588 707 166|
|6||SOL||Solana predictions||65.2%||67||$61.88||-1.23%||12.69%||$26 257 579 897|
|7||USDC||USD Coin predictions||96%||1||$1.000124||0.04%||-0.01%||$24 497 048 556|
|8||ADA||Cardano predictions||83.2%||28||$0.406130||3.91%||6.67%||$14 340 520 491|
|9||DOGE||Dogecoin predictions||77.2%||39||$0.088204||4.68%||11.59%||$12 533 317 054|
|10||STETH||Lido stETH predictions||91.2%||1||$2 941.39||-0.40%||-3.32%||$10 258 752 564|
|11||TRX||TRON predictions||84.8%||19||$0.103896||0.88%||-0.38%||$9 196 297 643|
|12||WTRX||Wrapped TRON predictions||84%||21||$0.103677||0.55%||-0.65%||$9 176 826 999|
|13||LINK||Chainlink predictions||75.2%||43||$15.94||0.45%||11.66%||$8 875 045 850|
|14||TON||Toncoin predictions||85.2%||20||$2.39||-0.69%||-0.72%||$8 206 328 944|
|15||AVAX||Avalanche predictions||56.8%||87||$21.84||0%||5.94%||$7 977 619 351|
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