One under-the-radar altcoin that’s designed to solve several of Ethereum’s biggest challenges is stacking up massive gains as ETH and Bitcoin (BTC) consolidate into the new year.
The layer-2 scaling solution Metis Token (METIS) offers lower fees and faster transaction times than Ethereum, while still retaining the security of the leading smart contract platform.
According to the project website,
“Offloading data and execution to a second layer allows Metis to provide a more scalable and cost-efficient environment for building and interacting with Web3 applications.”
The protocol employs optimistic rollup technology to achieve its functional goals on a layer above the layer-1 blockchain but relies on this underlying layer for both security and settlements.
METIS, its native token, can be used for staking and internal payments, but also serves an important function within the Metis Virtual Machine (MVM) during the creation of a decentralized autonomous company (DAC).
The project explains,
“METIS tokens also play a role in reducing spam and ensure trust between developers and users alike. Users must stake some amount of METIS to start a collaboration with others on the platform, such as the founding of a DAC.
These tokens will be returned to the initial users if the collaboration is successful. Unsuccessful collaborations can lead to users losing their stake (akin to slashing penalties). Collaborators will also be paid and rewarded in METIS for the contributions.”
The price of METIS surged 122% from December 22th to the 27th, working its way up from $73.68 to an all-time high (ATH) of $164.23.
After some choppy corrective action took the altcoin as low as $133.42 earlier this week, it’s back up another 18.3% today and touched a fresh ATH of $175.60. It is now up 134% in the last seven days.
By contrast, Ethereum has been trading flat all week and at $3,762 is down 18.8% from its monthly high of $4,631.
Bitcoin remains below $50,000 and is currently priced at $47,648.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Sergey Nivens/Fotomay
Vitalik Buterin has published a new piece discussing how block production across blockchains will likely remain centralized even as rollups see wider adoption.
Buterin says that Ethereum will be able to use bypass channels and other techniques to regulate the block production market.
He added that it could “take years of refinement and audits” until crypto users feel comfortable to store their assets on a Layer 2 rollup.
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The Ethereum co-founder has high hopes for using rollups to scale blockchains.
Vitalik Buterin Discusses the Future of Rollups
Vitalik Buterin has published a new blog post discussing rollups and blockchain scalability.
The 1,500-word piece, titled “Endgame,” focuses on how the technology can be used to make block production more decentralized. Buterin says that the average “big block chain” today tends to have high block frequency, block sizes, and transaction speeds, but also ends up becoming highly centralized due to the high node running costs associated with creating big blocks. Many Ethereum competitors such as Solana boast fast transaction times but require expensive hardware to run nodes, which has led to criticism from the Ethereum community.
Buterin goes on to explain that rollups, while improving block validation, still lead to centralized block production, and that there are two likely outcomes from a rollup-centric world: one where “everyone migrates” to a single highly scalable rollup, or one where network activity is spread across multiple solutions.
In both instances, Buterin says, block production will still be centralized because of “ the network effects within rollups or the network effects of cross-domain MEV.” However, he also notes that techniques like committee validation, data availability sampling, and bypass channels can be used to regulate the block production market.
The post makes direct reference to Ethereum, noting that the network is “very well-positioned” to adapt to a rollup-centric environment because it is specifically planning to integrate rollups as part of its roadmap. “Ethereum is open to all of the futures, and does not have to commit to an opinion about which one will necessarily win,” an excerpt reads, referring to the two possible scenarios in which one or several rollups thrive.
Other “big block chains,” Buterin writes, will have to make a choice about whether to work toward achieving decentralized block production and censorship resistance.
Buterin has long discussed how Layer 2 rollup solutions are set to become a key part of Ethereum’s path to scalability.Rollups of today come in two flavors: Optimistic and Zero-Knowledge. Optimistic Rollups like Optimism and Arbitrum bundle transactions and carry data off-chain to improve transaction speeds and gas fees, though they are subject to a seven-day dispute period for withdrawals. ZK-Rollups such as Starkware’s StarkNet, meanwhile, generate cryptographic proofs to prove that transactions are legitimate when sent back to the base chain.
Ethereum’s Layer 2 rollup solutions have gathered momentum in recent weeks as the network suffers from ongoing gas fee issues. Many Ethereum-native DeFi projects have begun launching on Optimistic Rollups, while StarkWare’s StarkNet went live on mainnet last week. Still, Buterin says it will take “years of refinement and audits” for people to feel comfortable about using EVM-compatible ZK-Rollups to store their crypto assets.
Buterin’s post lands amid a period of intense volatility for Ethereum and other Layer 1 blockchains. ETH crashed 17% below $4,000 Friday during a market-wide selloff, while other lower cap coins suffered bigger losses. It’s since posted a recovery, trading at $4,207 at press time. It currently accounts for about 20.73% of the global cryptocurrency market.
Disclosure: At the time of writing, the author of this feature owned ETH and several other cryptocurrencies.
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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
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Boba Network is a Layer 2 Optimistic Rollup solution aiming to scale Ethereum.
The project has crossed over $1 billion in total value locked, while its native token is up 540% since launching last week.
Alongside Optimistic Rollups, several promising ZK-Rollup solutions are working to reduce gas fees on Ethereum.
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The race to scale Ethereum on Layer 2 is heating up.
Boba Network Gains Adoption
Ethereum’s Layer 2 is coming to life.
The latest solution to gain significant traction is Boba Network, an Optimistic Rollup launched by the OMG Foundation and Enya. According to data from L2Beat, it currently holds $1.08 billion in total value locked after seeing increased adoption throughout November. The total value locked was roughly $87 million on Nov. 14 and has increased by over 1,200% since then.
Boba Network is one of a growing number of projects using Optimistic Rollup technology to scale the Ethereum network. It works by executing transactions outside of Layer 1 and submitting data to the base chain to save on gas fees. It uses a bridge that lets users move funds from Ethereum mainnet to Layer 2. It’s one of a growing number of projects using rollup technology to scale the Ethereum network. As Boba leverages Optimistic Rollups, it has a challenge period for transactions, which means there’s a seven-day withdrawal period to Ethereum mainnet. However, it gets around this by offering users faster withdrawals at a higher cost via a swap-based bridge.
Other than the high costs of using Ethereum mainnet, one likely factor behind the growing usage is Boba’s recent token launch. The project launched BOBA with an airdrop to OMG holders last Thursday and it’s since rallied 540%. It hit an all-time high of $7.16 earlier today. Boba Network is the only Optimistic Rollup solution to launch its own token so far; its two biggest competitors, Arbitrum and Optimism, are yet to confirm any plans for a token despite welcoming an increasing number of leading DeFi projects and users to their networks in recent months. Arbitrum currently leads the race, holding 41% of the Layer 2 market share.
Optimistic Rollups are only one part of Ethereum’s Layer 2 scalability offerings. It’s hoped that using Ethereum will become more affordable with the help of ZK-Rollups, another type of scaling solution that uses zero-knowledge proofs to bundle transactions off-chain. The leading ZK-Rollup projects include StarkWare, zkSync, and Loopring. StarkWare powers the Layer 2 decentralized exchange dYdX and the popular NFT project Immutable X. It recently raised $50 million and is preparing to launch a new product called StarkNet on mainnet this month. The team says it will reduce Ethereum gas fees by a factor of 100.
Disclosure: At the time of writing, the author of this feature owned ETH, DYDX, BOBA, OMG, LRC, and several other cryptocurrencies.
This news was brought to you by ANKR, our preferred DeFi Partner.
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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
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A new Optimistic Rollup created by Enya and OMG Network has gone live on mainnet.
Boba Network will be competing with the likes of Optimism and Arbitrum.
Unlike other rollups, Boba Network offers fast transfers to Ethereum mainnet.
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Enya and OMG Network have released the mainnet beta of a new Layer 2 Optimistic Rollup called Boba Network.
Boba Network Goes Live
A new Layer 2 solution created by Enya in collaboration with OMG Network has gone live on mainnet.
Boba Network is an Optimistic Rollup solution for scaling Ethereum. Enya worked on the project in partnership with OMG Network; it was previously called OMGX.
According to Enya, Boba Network can help make DeFi and NFTs cheaper. It combines Optimistic Rollups with OMG Network’s scaling capabilities for Ethereum dApps to reduce gas gees and enhance transaction throughput.Enya says that Boba is a web-scale infrastructure.
Discussing the mainnet launch, Enya founder and CEO Alan Chiu said:
“We welcome the entire DeFi and NFT developer community to build on Boba, so that together we deliver a faster, cheaper, and more delightful experience to the next billion users of Ethereum.”
Since the so-called “DeFi Summer” of 2020, Ethereum has faced problems with high transaction fees and network congestion.
While Ethereum is expected to achieve scalability through Ethereum 2.0, the popularity of the network means there is already a great need for scaling solutions. Layer 2 rollups such as Optimism and Arbitrum are also hoping to help the network achieve scalability.
By deploying smart contracts on Layer 2, applications based on the Ethereum Virtual Machine consume low gas fees and have much higher throughput. These solutions process transactions off-chain and publish transactional data on Ethereum. As a result, they can help developers create more scalable dApps for use cases like DeFi and NFTs.
The project will compete with Optimism, Arbitrum, and other Layer 2 solutions like StarkWare. The differentiating feature for Boba Network is fast transfers from Boba to Ethereum mainnet, which is not found in other rollups.The Enya team claims that the Boba Network will reduce withdrawal times from seven days to a few minutes.
Liquidity providers on the Boba Network will also benefit from fast transfer times between Layer 1 and Layer 2. For security and decentralization, the team has confirmed that there will be no multi-sig wallet for bridge assets. The team is yet to share in-depth details on the technical architecture. The project’s governance will be overseen by a decentralized autonomous organization (DAO), which will suggest and vote on improvements to the network.
Discussions surrounding Optimistic Rollup solutions like Boba Network have heated up recently as some of Ethereum’s leading DeFi applications prepare to launch on Layer 2. Arbitrum is currently preparing to launch, with Ethereum staples like Balancer, Aave, and Uniswap all set to go live on the network this month.
This news was brought to you by ANKR, our preferred DeFi Partner.
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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
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EY’s attempts to promote secure, private transactions over public blockchains at cheaper costs has culminated in the release of Nightfall 3.
The company announced the news via a release on July 1 stating that Nightfall 3 combined ZK proofs with optimistic rollup — ZK-Optimistic Rollup — to improve transaction efficiency on Ethereum.
Indeed, ZK-Rollups are one of the layer-two scaling solutions being developed to achieve scalability for networks like Ethereum via a process of batched transfers “rolled” into one transaction.
EY’s first contribution to ZK proofs was in April 2019 as previously reported by Cointelegraph at the time. In this new iteration, the EY team says Nightfall 3 is a collection of tools for privately managing Ethereum transactions.
Nightfall 3 reportedly ZK proofs transactions into optimistic rollups, removing the need for all authentication nodes to verify the validity of the transactions.
Nodes that challenge invalid blocks will receive rewards thus ensuring that only valid transactions are added to the blockchain. According to the EY team, Nightfall 3 constitutes a significant improvement in transaction efficiency and gas fee reduction.
Detailing the improvements in the ZK-Rollups solution, Paul Brody, global blockchain leader at EY, remarked that the protocol offered the best balance of mathematical efficiency and security for private transactions on the Ethereum network.
According to the announcement, Nightfall 3’s ZK-Optimistic Rollups solution can deliver almost 90% in gas fee reduction compared to public ERC20 token transfers.
By publishing Nightfall 3 to the public domain, Brody stated in the announcement that EY was doing its bit to hasten enterprise adoption of the technology.
Related:Major Auditing Firm Ernst & Young Releases Updates to Two Blockchain-Related Products
With Ethereum 2.0 is still in the works, layer-two solutions like ZK proofs and Optimistic Rollups continue to be touted as short-term solutions to increase Ethereum’s network throughput.
ZK proofs are not EY’s only exploratory work on blockchain technology. Indeed, the firm has previously published a blockchain analyzer tool. The auditing giant released a beta version of the smart contract analyzer back in April 2019.
Arbitrum, an Optimistic Rollup scaling solution for Ethereum, has successfully launched.
Layer 2 scaling aims to reduce congestion on the base chain while still benefitting from its security.
Reduced congestion on Ethereum will reduce gas fees for every user, not only the ones using Layer 2.
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Scalability has been Ethereum’s biggest challenge as its popularity rises. One of the key Layer 2 solutions hoping to solve the issue, Arbitrum, has now launched.
The Road to Scaling Ethereum
During the recent market crash on May 19, when BTC and ETH both plummeted over 30% in a day, gas prices reached as high as 1,500 gwei. Some DeFi users reported Uniswap transactions costing upwards of $1,000. Miners earned a record $110 million during the day from gas fees.
The explanation behind these high prices is simple. For a transaction to be committed to Ethereum, the user must incentivize miners to include the transaction in their block by adding a tip. Miners select the highest tips available and include them in priority in their blocks to ensure the most profitability from their transactions.
Ethereum has a low throughput, focusing on security and decentralization over efficiency. While this wasn’t a particularly pressing issue in its early years, the rise in the price of ETH and increasing demand for transactions have led to high dollar values for any transaction on the blockchain.
Source: The Block
As the above graph shows, transaction fees have recently become the main source of revenue for miners ahead of the block rewards received after every block mined. The small throughput of the chain and high demand have led to high gas fees, which have driven DeFi users to other Layer 1 platforms like Binance Smart Chain and Polygon.
The solution to these issues is to increase the throughput of the chain. To do so, there are two options. One of them is to scale the blockchain’s base layer. This is what Ethereum 2.0 is working on through sharding, which will split the on-chain workload horizontally between 64 shard chains while still benefitting from the security of the entire network.
The second option is to move part of the operations off-chain, on a second layer built on top of Layer 1, while leveraging its security. While Ethereum processes around 15 transactions per second (tx/s), Layer 2 could increase throughput to 2,000-4,000 tx/s. The higher the throughput, the lower the gas prices should be. This is the vision Ethereum founder Vitalik Buterin presented in his Oct. 2020 piece ‘A rollup-centric ethereum roadmap,’ which described the future of the Ethereum chain and the role rollups could play. He wrote:
“The Ethereum ecosystem is likely to be all-in on rollups (plus some plasma and channels) as a scaling strategy for the near and mid-term future.”
How Rollups Will Help Ethereum Scale
Layer 2 is a general term that refers to a variety of solutions that help increase the capabilities of a blockchain by carrying transactions off-chain while still retaining the security of Layer 1. Examples of scaling solutions include Bitcoin’s Lightning Network. Users lock up their funds and execute any number of trades between themselves, only necessitating one final transaction to be given to the main chain.
Another type of solution is Plasma, which works by offloading transactions to child chains. Polygon uses Plasma. However, the issue with it lies in bringing the funds back to the main chain; a transaction can last hours. Sidechains like xDai are independent, compatible chains that decentralized apps can port their smart contracts onto to relieve pressure from the main chain.
The scaling solution of choice for Ethereum is rollups. Rollups can bundle thousands of sidechain transactions together into a single transaction that the main chain can verify. If that single transaction is correct, it proves the validity of all the bundled transactions together.
That transaction is a type of zero-knowledge proof called a SNARK, which stands for “succinct non-interactive argument of knowledge.” A SNARK is a form of proof where one actor can prove possession of certain information without revealing said information.
Source: Towards Data Science
Arbitrum, Optimism, and Zero-Knowledge
Zero-knowledge proofs are the most efficient way of scaling Ethereum and the one Buterin put forward as the best option for the near to mid-term future. Rollups are divided into two subcategories, zk-Rollups and Optimism. While zk-Rollups are faster, they’re not easily compatible with Ethereum smart contracts. Optimistic Rollups like Arbitrum allow decentralized apps to port their smart contracts with very minimal changes.
In the long run, zk-Rollups could be a more appealing option for decentralized apps as the technology evolves but, in the immediate future, Optimistic Rollups are much more realistic. Two projects are working on Optimistic Rollups with two products that will be battling for market share in the near future: Optimism and Arbitrum.
Optimism has met some delays in the past few months, pushing the release date for their public mainnet to July, while Arbitrum launches today.
Uniswap’s highly anticipated v3 update launched a few weeks ago with a planned release on Optimism, but delays have led the community to propose a release on Arbitrum as well. The vote received widespread support, and Uniswap founder Hayden Adams has confirmed the most popular decentralized exchange would deploy its smart contracts on Arbitrum.
2/
Assuming the snapshot passes we intend to support the community by deploying the v3 smart contracts to Arbitrum!
We have already begun work on interface support and planning the deployment.
— Hayden Adams 🦄 (@haydenzadams) May 26, 2021
A successful Uniswap launch on Arbitrum would bring a high amount of liquidity to their solution compared to Optimism. Adams confirmed that Uniswap V3 would also launch on Optimism as planned. Synthetix, Ethereum’s leading synthetic assets protocol, is also currently testing a beta version of Optimism. Arbitrum uses ChainLink to secure the connection between on-chain smart contracts and off-chain resources, paying for these services with LINK tokens.
How Will Arbitrum Benefit Ethereum Users?
DeFi users will be able to trade on the Arbitrum version of popular decentralized apps like Uniswap for a few cents with faster transaction speed. The implications of the Arbitrum launch don’t stop there. Offloading a significant amount of transaction volume off-chain will have ripple effects on the Ethereum network. At the moment, Uniswap is one of the biggest gas consumers on the market. If that volume leaves the main chain, the rest of the transaction will also pay significantly less in gas fees.
The (modern) history of Ethereum seen through gas usage: pic.twitter.com/PnZbuke7mp
— Alex Svanevik 🧭 (@ASvanevik) May 26, 2021
The existence of Layer 2 scaling solutions relieves pressure from the main chain. This benefits gas prices for traders on both sides, lowering transaction fees for everyone. It’s important to note that rollups are a complex and experimental technology, meaning that the launch of Arbitrum will certainly not be without issues. Only traffic, time, and attacks will help create the perfect Layer 2 scaling for Ethereum.
Disclaimer: The author held ETH and several other cryptocurrencies at the time of writing.
This news was brought to you by ANKR, our preferred DeFi Partner.
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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
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More than than 40 million UNI tokens voted in favor of a governance proposal for the update.
Uniswap V3 will also go live on Optimism when it launches.
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A proposal for Uniswap to deploy on Arbitrum has received immense support on the protocol’s governance forums this week. Following the vote, Uniswap will deploy its V3 contracts on the Layer 2 solution.
Uniswap V3 Heads to Arbitrum
Uniswap is planning to launch on Arbitrum.
The popular Ethereum DEX, which recently unveiled its V3 update, will launch on Arbitrum following a governance vote.
A Uniswap Governance Forum user called andy8052 put forward a proposal titled suggesting that Uniswap V3 should launch on Arbitrum yesterday. The community has shown strong support for the proposal, with more than 40 million UNI tokens used to vote in favor of the proposal and none against it.
Arbitrum is an Optimistic Rollup solution designed to scale Ethereum. It will offer improvements to the network’s transaction speed and throughput by using a sidechain and sending transactions to Ethereum mainnet as calldata. It’s expected to be one of the leading Layer 2 projects. Apart from Arbitrum, the other dominant Optimistic Rollup solution is Optimism, which is due to go live sometime this year. When Uniswap announced its V3 update, it announced that it would launch on Optimism soon after launching.
However, delays in the launch of Optimism have convinced the community to look for other options. Arbitrum launches tomorrow, May 28. “The best ability is availability,” the author of the proposal wrote.
The overwhelming support in favor has been noticed, and Uniswap founder Hayden Adams has already confirmed that if the snapshot passes, Uniswap will deploy the v3 contracts to Arbitrum. As the threshold for a successful snapshot has been reached, the proposal will go forward. Adams confirmed that the team had “begun work on interface support and planning the deployment.”
2/
Assuming the snapshot passes we intend to support the community by deploying the v3 smart contracts to Arbitrum!
We have already begun work on interface support and planning the deployment.
— Hayden Adams 🦄 (@haydenzadams) May 26, 2021
He added that the launch would not replace the Optimism deployment and that work would continue to ensure Uniswap can be deployed on Optimism as soon as the Layer 2 solution goes live.
With Arbitrum launching imminently, the project has garnered a significant amount of community support in recent weeks. The team’s other flagship offering, MCDEX, is also backed by several industry leaders, including Delphi Digital, Alameda Research, and DeFiance Capital.
Disclaimer: The author held BTC, ETH, and several other cryptocurrencies at the time of writing.
This news was brought to you by ANKR, our preferred DeFi Partner.
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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
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Uniswap V3 is preparing to launch on the Layer 2 solution Arbitrum.
More than than 40 million UNI tokens voted in favor of a governance proposal for the update.
Uniswap V3 will also go live on Optimism when it launches.
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A proposal for Uniswap to deploy on Arbitrum has received immense support on the protocol’s governance forums this week. Following the vote, Uniswap will deploy its V3 contracts on the Layer 2 solution.
Uniswap V3 Heads to Arbitrum
Uniswap is planning to launch on Arbitrum.
The popular Ethereum DEX, which recently unveiled its V3 update, will launch on Arbitrum following a governance vote.
A Uniswap Governance Forum user called andy8052 put forward a proposal titled suggesting that Uniswap V3 should launch on Arbitrum yesterday. The community has shown strong support for the proposal, with more than 40 million UNI tokens used to vote in favor of the proposal and none against it.
Arbitrum is an Optimistic Rollup solution designed to scale Ethereum. It will offer improvements to the network’s transaction speed and throughput by using a sidechain and sending transactions to Ethereum mainnet as calldata. It’s expected to be one of the leading Layer 2 projects. Apart from Arbitrum, the other dominant Optimistic Rollup solution is Optimism, which is due to go live sometime this year. When Uniswap announced its V3 update, it announced that it would launch on Optimism soon after launching.
However, delays in the launch of Optimism have convinced the community to look for other options. Arbitrum launches tomorrow, May 28. “The best ability is availability,” the author of the proposal wrote.
The overwhelming support in favor has been noticed, and Uniswap founder Hayden Adams has already confirmed that if the snapshot passes, Uniswap will deploy the v3 contracts to Arbitrum. As the threshold for a successful snapshot has been reached, the proposal will go forward. Adams confirmed that the team had “begun work on interface support and planning the deployment.”
2/
Assuming the snapshot passes we intend to support the community by deploying the v3 smart contracts to Arbitrum!
We have already begun work on interface support and planning the deployment.
— Hayden Adams 🦄 (@haydenzadams) May 26, 2021
He added that the launch would not replace the Optimism deployment and that work would continue to ensure Uniswap can be deployed on Optimism as soon as the Layer 2 solution goes live.
With Arbitrum launching imminently, the project has garnered a significant amount of community support in recent weeks. The team’s other flagship offering, MCDEX, is also backed by several industry leaders, including Delphi Digital, Alameda Research, and DeFiance Capital.
Disclaimer: The author held BTC, ETH, and several other cryptocurrencies at the time of writing.
This news was brought to you by ANKR, our preferred DeFi Partner.
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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
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Layer 2 solution Optimism has delayed its mainnet launch. The project is now planning to go live in July.
The team said that they intend to give the community “time to integrate, audit and test.”
Optimism is arguably Ethereum’s most anticipated Layer 2 solution, favored by DeFi staples like Synthetix and Uniswap.
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Optimism has delayed its launch date until July. Optimism had originally planned to go live this month.
Optimism “Adversaries” Delay Launch
In a blog post titled “Optimistically Cautious,” the team wrote that they had set a “rough estimate” for launching in July.
In February, the team announced that it had taken on several new hires after closing a funding round led by a16z. The expansion, they said, would allow them to launch on mainnet in March (before that, March was slated for the public testnet).
Now, the team has cited the potential risks of rushing a launch as a reason for the postponement. The blog post said that there would be “a very real risk” of bad actors forking popular projects to defraud users if it went live too early.
With the delay, the team said it hopes to achieve “a more coordinated community launch.” The post went on to say:
“Our goal is to make sure that foundational projects, infrastructure providers, block explorers, wallets, and token bridges have time to integrate, audit and test.”
Optimistic Ethereum has been a hot talking point across the DeFi community over the last few months. Ethereum’s leading synthetic assets protocol, Synthetix, launched on Optimism earlier this year. The move has saved users $10.1 million in fees, according to the blog post. This week, Uniswap detailed its plans to move onto the solution following its V3 update.
Optimism leverages Optimistic Rollups, a Layer 2 solution that aims to make Ethereum more scalable. Optimistic Rollups run on a sidechain to Ethereum, and they offer the composability that allows DeFi protocols to work like so-called “money legos.”
Rollups can also take the form of ZK-Rollups, aiming to make Ethereum more scalable by bundling transactions in what’s known as a SNARK—a succinct non-interactive argument of knowledge.
Optimism also said it would be keeping a whitelist of “infrastructural” projects open for the time being due to the important role they play in the success of projects that follow them. They’ll also open the testnet for a Scaling Ethereum hackathon next month.
The team concluded the note by outlining rough plans to launch in July, depending on the wider ecosystem’s stability.
“When we launch, we will do so together as a community,” they wrote.
Disclosure: At the time of writing, the author of this feature owned ETH and SNX. They also had exposure to UNI in a cryptocurrency index.
This news was brought to you by ANKR, our preferred DeFi Partner.
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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
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