2 years ago
Layer 2 scaling solution Optimism, has secured $150M successful backing which it volition usage to prosecute caller developers and alteration fees connected the Ethereum network.
Popular Ethereum scaling solution Optimism has announced a $150 cardinal Series B backing circular co-led by Andreessen Horowitz (a16z) and Paradigm astatine a full valuation of $1.65 billion.
According to a blog post from Optimism, the Layer 2 (L2) solution has saved users of the Ethereum web implicit $1 cardinal successful state fees. The backing volition beryllium utilized to grow the Optimism squad and spell towards moving connected reducing web fees adjacent further.
Fees connected the Optimism web were reduced by a cumulative 30% past year, and present the squad is contributing enactment towards an Ethereum Improvement Proposal (EIP-4844) for Shard Blob Transactions, which whitethorn perchance trim Ethereum web fees by up to 100x successful the adjacent future.
Today connected Ethereum #AllCoreDevs, our precise ain @protolambda presented EIP-4844: Shard Blob Transactions.https://t.co/3yagEcvdz4
With the imaginable to alteration fees by 100x for each rollups, and a applicable way to implementation, we powerfully enactment this EIP.
But how, you ask?
L2 solutions similar Optimism, person grown massively successful popularity owed to the accrued request for NFTs, astute contracts and DeFi applications connected the Ethereum network, which successful crook congests transaction processing and drives up state fees.
Optimism works by employing “optimistic rollups” , which aggregates transactions extracurricular of the Ethereum blockchain, providing the benefits of reduced slippage, decreased transaction costs and vastly improved transaction speeds.
According to information tracker, L2Beat the full worth locked (TVL) connected L2 platforms has grown to $5.76 billion, with Optimism presently ranked successful 4th spot amongst its L2 peers, with astir $440 cardinal successful TVL connected its platform.
Kain Warwick, Australian crypto seasoned and laminitis of Synthetix, a decentralized derivatives exchange, told his 107,000 twitters followers that helium not lone participated successful the Optimism backing round, helium “doubled down hard” expecting Optimism to “be up determination with ETH successful size soon.”
Disclosure I participated successful this circular pursuing connected from the erstwhile circular but I treble down hard. My portfolio by size is present looking similar this:
SNX
ETH
ILV
GRT
BTC
OP (optimism)
I expect Optimism to beryllium up determination with ETH successful size soon, I wonderment what the catalyst mightiness be… https://t.co/yBw4mBtDz4
Late past year, Optimism expanded from its whitelist lone presumption and made the web publicly accessible, meaning that immoderate developer could commencement gathering a task connected the Optimism network.
Related: Optimism announces upgrades enabling ‘one-click’ roll-up deployment
Making web improvement publically disposable offers immoderate large upsides successful presumption of accrued output, but arsenic iOS jailbreak developer Saurik discovered, it besides allows the imaginable for “critical bugs” to occur.
Luckily, Saurik, existent sanction Jay Freeman, discovered 1 specified bug successful aboriginal February, which would person allowed malicious hackers to make infinite ETH connected the web and notified the Optimism team. He was paid a $2 cardinal bug bounty, 1 of the largest bounties to date.
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